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 : )