Problem $12-47($LO $12-3)($Algo$)$

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LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation $($to save the environment$)$ by providing them with transit passes at a cost of $$334$ per month.

Problem $12-47$ Part a $($Algo$)$

a$.$ If LaMont receives one pass $($worth $$334)$ each month, how much of this benefit must he include in his gross income each year?