Question

Michael Murphy is employed at Agilent Technologies. He has family medical coverage through the group medical plan that Agilent provides for its employees. The annualpremium cost for Michael's family is $5,260. The company pays 70 percent of the cost. How much is deducted from his weekly paycheck for medical insurance? (Note: 52weeks in a year)$28.12$29.74$30,35$32.66None of these cholces are correct

Answer 1

The annual premium is given as 5260$

The company pays 70 percent of the cost.

Therefore the amount that company pays is given by:

$5260\times\frac{70}{100}=3682$

The company pays 3682 dollars.

Therefore M has to pay:

$5260-3682=1578$

M has to pay 1578$ annually

Hence the weekly payment given that there are 52 weeks in a year is given by:

$\frac{1578}{52}=30.34615\approx30.35$

Hence mr M has to pay 30.35$ weekly for his medical insurance.