Acollege 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, and a salary of $62,000 per year. what is the yearly value of the compensation package?

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 .

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