Answer
The yearly value of the compensation package is $66680 .
Step-by-step explanation:
As given
A college professor's compensation package includes the total cost of a $325-per-month health insurance plan,
The total cost of a $65-per-month life insurance plan .
A salary of $62,000 per year.
Thus
Total cost of the health and life insurance = Cost of health insurance + Cost of life insurance
Putting the values in the above
Total cost of the health and life insurance = $325 + $65
= $ 390
As 1 year contains 12 months .
Thus
Total cost of the health and life insurance in 12 months = 12 × Total cost of the health and life insurance .
= 12 × 390
= $4680
Yearly value of the compensation package = Gross pay + Total cost of the health and life insurance in 12 months .
= $62000 + $4680
= $ 66680
Therefore the yearly value of the compensation package is $66680 .