1. Frank age 45, is married to Julie. Frank makes $120,000 per year. He has two children, ages 9 and 10. He pays income taxes of $26,000 per year and FICA taxes of $5,000 per year. Frank consumes $20,000 per year of the family's expenses. He expects raises of 4% annually and plans to retire at age 65. He expects inflation to be 3%. Using the human life value approach, calculate the required amount of life insurance