Question 29 2 pts The Elliptical Company provides $50,000 of noncontributory group life insurance coverage for each of its eligible employees. The current monthly premium rate for this coverage is $0.55 per $1,000 of coverage. In February, Elliptical had 25 eligible employees. On March 1, Elliptical hired 6 additional employees who immediately became eligible for group life coverage. During the month of March, the number of Elliptical employees remained constant. This information indicates that the amount of premium payable for the month of March was $687.50 $27.50 $852.50 $165.00