Question

Randall Fetzer is employed at Rhode Island Community College. He has family medical coverage through the group medical plan that the community college provides for its employees. The annual cost of Fetzer’s family membership is $4,900. The college pays 62 percent of the cost. ___ is deducted from his biweekly paycheck for medical insurance.

Answer 1

60.14246575342466 is the exact number but use $60.14, biweekly is every two weeks or 14 days. Do 4900/365 to get 13.42465753424658 and then times it by 14 to get 187.9452054794521. After this multiply it again by 0.32 since the college already pays 68% to get the $60.14

Answer 2

$71.62

Explanation:

If the college pays 62% of the cost of the medical insurance plan, then Randall pays 38% of the cost himself, since 100% - 62% = 38%.

Randall's Annual Cost

Calculate the annual cost to Randall of the medical insurance plan by finding 38% of the total cost of membership:

`\begin{aligned}\implies \sf 38\% \:of \:\$4,900 & = \sf (38)/(100) * 4900\\\\& = \sf (38* 4900)/(100)\\\\& = \sf (186200)/(100)\\\\& = \sf 1862\\\end{aligned}`

Therefore, the annual cost to Randall is $1,862.

Deduction from paycheck

As the paycheck is bi-weekly, Randall is paid every 2 weeks.

This means he receives 26 paychecks in a year.

To calculate how much is deducted from his bi-weekly paycheck, divide the annual cost by 26:

`\implies \sf (1862)/(26)=71.615384...`

Therefore, $71.62 is deducted from his biweekly paycheck for medical insurance.