Miquel pays $55 semimonthly for health insurance which is 16% of the total cost. His employer pays the rest. What is the total yearly cost to the nearest dollar of Miquel’s health insurance?

Question

Miquel pays $55 semimonthly for health insurance which is 16% of the total cost. His employer pays the rest. What is the total yearly cost to the nearest dollar of Miquel’s health insurance? 

Answer 1

Hello, Preston,

$55 semiannual payment is $110/year. That $110 is 16% of the total, or 0.16*X, where X is the annual cost.

Therefore:

0.16X = 110

Solve for X (=$687.50)

Bob