Under Alabama workers' compensation law, a roofing contractor has a payroll of $280,000 with a rate of $8.50 per $100 of payroll. What is the annual premium?
Correct Answer
B) $23,800
Premium = ($280,000 ÷ $100) × $8.50 = 2,800 × $8.50 = $23,800
Why This Is the Correct Answer
Premium = ($280,000 ÷ $100) × $8.50 = 2,800 × $8.50 = $23,800
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