The cost of $500,000 worth of 30-year-term life insurance for Rico is $66.60 per month. If Rico's employer covers 90% of this cost, how much is deducted from Rico's gross income per year for life insurance?

I might be a bit rusty with my math here, but I'll give it a shot.
A 30-year life insurance of $500,000 costs Rico $66.60 per month. His employer pays for 90% of his life insurance. So we need to find 90% of $500,000. So the equation we would use is:
500,000*0.90=450,000
This means that his employer covered 90%, or $450,000, of his 30-year life insurance.
I hope I was of some help : )

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ApusApus ApusApus · Answer 2 · 2019-04-02T02:00:02-04:00

Answer:

$79.92.

Step-by-step explanation:

We have been given that the cost of $500,000 worth of 30-year-term life insurance for Rico is $66.60 per month.

First of all we will find 10% of $66.60 as Rico pays 10% (100-90%) of the insurance's cost per month.

$\text{Monthly deduction from Rico's income}=\frac{10}{100}*\$66.60$

$\text{Monthly deduction from Rico's income}=0.10*\$66.60$

$\text{Monthly deduction from Rico's income}=\$6.66$

Now we will multiply $6.66 by 12 to find the amount deducted from from Rico's gross income per year for life insurance.

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Therefore, an amount of $79.92 is deducted from Rico's gross income per year for life insurance.