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?
69740
12(350 + 45) + 65,000
To find the yearly value of the compensation package, we need to calculate the total cost of the health insurance plan and the life insurance plan, and then add it to the annual salary.
First, let's calculate the yearly cost of the health insurance plan:
$350 per month * 12 months = $4,200 per year
Next, let's calculate the yearly cost of the life insurance plan:
$45 per month * 12 months = $540 per year
Now, let's add the annual salary and the total cost of the insurance plans together:
$65,000 + $4,200 + $540 = $69,740
Therefore, the yearly value of the compensation package is $69,740.
To find the yearly value of the compensation package, we need to calculate the total cost of the health insurance and life insurance plans, and then add it to the annual salary.
First, we need to find the annual cost of the health insurance plan. The monthly cost of the health insurance plan is $350. To find the annual cost, we multiply this by 12 (months in a year):
$350/month x 12 months = $4200/year
Next, we need to find the annual cost of the life insurance plan. The monthly cost of the life insurance plan is $45. Again, we multiply this by 12 to get the annual cost:
$45/month x 12 months = $540/year
Now, we add up the annual cost of the health insurance plan, the life insurance plan, and the salary:
$4200/year (health insurance) + $540/year (life insurance) + $65,000/year (salary) = $70,740/year
Therefore, the yearly value of the college professor's compensation package is $70,740.