National Storage employs 88 workers with a gross monthly payroll of $131,000. Fringe benefits are 8.6% of payroll for a profit-sharing plan and $9.23 per employee for life insurance.   What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent.

Essentials Of Investments
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ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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National Storage employs 88 workers with a gross monthly payroll of $131,000. Fringe benefits are 8.6% of payroll for a profit-sharing plan and $9.23 per employee for life insurance.
 
What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent. 
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