Gray's employer is now offering group-term life insurance. The company will provide each employee with $100,000 of

Question:

Gray's employer is now offering group-term life insurance. The company will provide each employee with $100,000 of group-term life insurance. It costs Gray's employer $300 to provide this amount of insurance to Gray each year. Assuming that Gray is 52 years old, determine the monthly premium that Gray must include in income as a result of receiving the group-term life benefit.