Question

Jack King pays a $496.00 premium annually. This represents 40% of the total premium. The rest of the premium is paid by his employer. Calculate:_______

a. the company's percentage %
b. the total premium $
c. the company's payment $

Answer 1

a) 60%

b) $1240

c) $744

Explanation:

a. the company's percentage %

If Jack pays 40%, the company pays the other 60%

b. the total premium $

Jack payment is 40% of the total. 40% of the total is 496. So:

`0.4x = 496`

`x = (496)/(0.4)`

`x = 1240`

The total premium is $1240.

c. the company's payment $

The company payment is 60% of 1240. So 0.6*1240 = 744.