The number of hours the person have to work to pay the amount of insurance is \(\boxed{{\mathbf{25 hours}}}\).
Further explanation:
Insurance is an agreement to protect the individuals from their financial losses. It can be said that it is a form of risk management.
There are four types of insurance is written below.
Life insurance, health insurance, disability insurance, auto insurance
Given:
It is given that the earning per hour after deduct the taxes is \(\$ 8{\text{ per hour}}\). The amount of insurance is \(\$ 200\) per month.
Step by step explanation:
Step 1:
The amount of insurance is \(\$ 200\) per month.
As the employee of a company they have a hourly contract.
The earning per hour after deduct the taxes is \(\$ 8{\text{ per hour}}\).
The person wants to pay the amount of the insurance through his earning.
Step 2:
We need to find the number of hours that he must work to pay for insurance.
The number of hours can be calculated as,
\(\begin{aligned}{\text{number of hours}} &= \frac{{{\text{amount of insurance}}}}{{{\text{hourly rate}}}} \\ &= \frac{{200}}{8} \\&= 25 \\\end{aligned}\)
Therefore, the number of hours the person have to work to pay the amount of insurance is \(25{\text{ hours}}\).
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Answer details:
Grade: Middle school
Subject: Mathematics
Chapter: Fraction problem
Keywords: equivalent, sum, taxes, insurance, company, costs, hourly contract, agreement, individuals, amount, employee, earning, per hour, financial losses
