Answer Happy

Mary is trying to figure out how much life insurance she needs to buy in order to support her family incase of her death. She asks you to calculate the amount of insurance she needs to buy by telling you her take home pay after all deductions is $45,000 per year. She also states that her family would need this amount every year, for the next 15 years until her children can take care of themselves. Assuming she can generate a 2% rate of return, how much life insurance should she buy? $655,312.4 (or $660,000) $624,463.18 (or $625,000) $589,781.19 (or $590,000) $578.216.85 (or $580,000)