Driver Blake, a low-risk driver, is insured by a company that gives a 5% discount for the first year, 10% the second year, 15% the third year, and 20% every year thereafter. Blake has qualified as a low-risk driver for the last 10 years. Compute the amount Blake saved in premiums if the regular premium is $2,000.

Low-risk Driver

A driver who is considered less likely to file a claim based on their driving history, age, and other factors, often resulting in lower insurance premiums.

Insurance Premiums

Payments made to an insurance company in exchange for coverage, typically paid on a regular basis such as monthly or annually.

Regular Premium

The amount that is paid on a regular schedule for an insurance policy, to maintain coverage.