A college professor's compensation package includes the total cost of a $325-per-month health insurance plan, the total cost of

Question

3 years ago

12

a $65-per-month life insurance plan, and a salary of $62,000 per year. What is the yearly value of the compensation package?

2 answers:

Rzqust [24] · Answer 1 · 2022-09-16T00:43:09+03:00

8 0

The correct answer to the qestion is this equation here:
$$325 + $65 = $390 * 12= $4680+62000=$66680$

amid [387] · Answer 2 · 2022-09-16T02:46:32+03:00

Answer

The yearly value of the compensation package is $66680 .

Explanation:

As given

A college professor's compensation package includes the total cost of a $325-per-month health insurance plan,

The total cost of a $65-per-month life insurance plan .

A salary of $62,000 per year.

Thus

Total cost of the health and life insurance = Cost of health insurance + Cost of life insurance

Putting the values in the above

Total cost of the health and life insurance = $325 + $65

= $ 390

As 1 year contains 12 months .

Thus

Total cost of the health and life insurance in 12 months = 12 × Total cost of the health and life insurance .

= 12 × 390

= $4680

Yearly value of the compensation package = Gross pay + Total cost of the health and life insurance in 12 months .

= $62000 + $4680

= $ 66680

Therefore the yearly value of the compensation package is $66680 .