The base rate for workers' compensation insurance for a motorcycle repair shop is $7.32 per $100 paid to employees. The total monthly payroll for the shop is $32,400. What is the monthly premium for the workers' compensation insurance?

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1. The base rate for workers' compensation insurance for a motorcycle repair shop is $7.32 per $100 paid to employees. The total monthly payroll for the shop is $32,400. What is the monthly premium for the workers' compensation insurance?