Question

Bob’s employer covers 23% of his family’s annual health insurance premium. The balance of the premium is deducted in equal amounts from Bob’s paycheck 26 times over the calendar year. If $185. 30 is withheld from each of Bob’s paychecks, what is his family’s annual health insurance premium? a. $805. 65 b. $4,817. 80 c. $6,256. 88 d. $20,946. 96 Please select the best answer from the choices provided A B C D.

Answer 1

Based on the amount covered and the amount withdrawn, we can calculate that Boba's annual health insurance premium is $6,256.88

First find the total amount withheld from Boba in a year:

= 185.30 x 26

= $4,817.80

Boba's employer covers 23% of his insurance so the amount withdrawn is 77% of the insurance.

The annual insurance is therefore:

= Boba's share / Percentage paid by Boba

= 4,817.80 / 77%

= $6,256.88

In conclusion, the annual premium is $6,256.88

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