Grace's employer is now offering group$-$term life insurance. The company will provide each employee with $$115,000$ of group$-$term life insurance. It costs Grace's employer $$665$ to provide this amount of insurance to Grace each year. Assuming that Grace is $31$ years old, use the table to determine the monthly premium that Grace must include in income as a result of receiving the group$-$term life benefit.

Uniform Premiums for $$1,000$ of Group$-$Term Life Insurance Protection:

Five$-$Year Age Bracket Cost per $$1,000$ of Protection for One Month

Under $25$ $$0\mathrm{.}05$

$25$ to $290\mathrm{.}06$

$30$ to $340\mathrm{.}08$

$35$ to $390\mathrm{.}09$

$40$ to $440\mathrm{.}10$

$45$ to $490\mathrm{.}15$

$50$ to $540\mathrm{.}23$

$55$ to $590\mathrm{.}43$

$60$ to $640\mathrm{.}66$

$65$ to $691\mathrm{.}27$

$70$ and above $2\mathrm{.}06$

Multiple Choice