Using the Budget method. Your annual family expenses are $90,000 annually. You figured that you need to provide for your family for 25 years, or until your children are fully independent and your spouse reaches retirement age. If you passed away, then the life insurance can be placed in a safe long-term investment, which would yield 8% per year. You would also like to have $450,000 set aside to educate your 2 youngest children. Your current savings is $55,000. You currently earn $120,000 annually (after taxes). How much life insurance do you need using the Budget method? PVA=PMT*[(1-(1/(1+i)n))/(i)]

Using the Budget method. Your annual family expenses are $90,000 annually. You figured that you need to provide for your family for 25 years, or until your children are fully independent and your spouse reaches retirement age. If you passed away, then the life insurance can be placed in a safe long-term investment, which would yield 8% per year. You would also like to have $450,000 set aside to educate your 2 youngest children. Your current savings is $55,000. You currently earn $120,000 annually (after taxes). How much life insurance do you need using the Budget method? PVA=PMT*[(1-(1/(1+i)n))/(i)]

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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