A college professor's compensation package includes the total cost of a $350-per-month health insurance plan, the total cost of a $45-per-month life insurance plan, and a salary of $65,000 per year. What is the yearly value of the compensation package?
12(350) + 12(45)+ 65000
To calculate the yearly value of the compensation package, we need to consider the monthly costs of the health insurance and life insurance plans and the annual salary. Let's break it down step by step:
1. Find the total cost of the health insurance plan per year:
The monthly cost of the health insurance plan is $350. To find the yearly cost, multiply this by 12: $350/month x 12 months = $4,200/year.
2. Find the total cost of the life insurance plan per year:
The monthly cost of the life insurance plan is $45. Again, multiply this by 12 to find the yearly cost: $45/month x 12 months = $540/year.
3. Calculate the annual salary:
The college professor's salary is $65,000 per year.
4. Add up the three components to find the yearly value of the compensation package:
$4,200/year (health insurance) + $540/year (life insurance) + $65,000/year (salary) = $69,740/year.
Therefore, the yearly value of the college professor's compensation package is $69,740.