Hope's Employer Is Now Offering Group-Term Life Insurance

Hope's employer is now offering group-term life insurance.The company will provide each employee with $200,000 of group-term life insurance.It costs Hope's employer $700 to provide this amount of insurance to Hope each year.Assuming that Hope is 27 years old,use the table to determine the monthly premium that Hope must include in income as a result of receiving the group-term life benefit?
EXHIBIT 12-10 Uniform Premiums for $1,000 of Group-Term Life Insurance Protection
$$\begin{array} { l c } 5 - \text { Year Age Bracket } & \text { Cost per } \$ 1,000 \text { of Protection for One Month } \\\text { Under } 25 & \$ 0.05 \\25 \text { to } 29 & 0.06 \\30 \text { to } 34 & 0.08 \\35 \text { to } 39 & 0.09 \\40 \text { to } 44 & 0.10 \\45 \text { to } 49 & 0.15 \\50 \text { to } 54 & 0.23 \\55 \text { to } 59 & 0.43 \\60 \text { to } 64 & 0.66 \\65 \text { to } 69 & 1.27 \\70 \text { and above } & 2.06\end{array}$$

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$9 per month.
$200,000 policy ...

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