Michael needs to pay car insurance premiums of $958 two times per year. he has decided to make deposits from each paycheck to a savings account for “other expenses (predictable)” to cover this expense. how much should michael deposit from each paycheck if the paycheck is bi-weekly?
a.
$80
b.
$74
c.
$160
d.
$37

Given: Car insurance premium in a first half year = $958

Car insurance premium in the second half year = $958

Total Car insurance premium in year = 2 × $958 = $ 1916

Nature of paid premium is bi-weekly = in 2 weeks

There are total 52 weeks in a year.

So, the total number of bi-week = 26

Total deposited amount per bi-weekly = $ 1916 ÷ 26 =$ 73.69 ≈ $ 74

Hence, the required amount bi-weekly will be $ 74. Therefore, option b. $ 74 is the correct option.

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