1. Joetta Hernandez is a single parent with two children and earns $54,100 a year. Her employer's group life insurance policy would pay 2.5 times her salary. She also has $72,133 saved in a 401(k) plan, $6,011 in mutual funds, and a $3,607 certificate of deposit. She wants to purchase term life insurance for 15 years, until her youngest child is self-supporting. She is not concerned about her outstanding mortgage, as the children would live with her sister in the event of Joetta's death. Assuming she can receive a 4 percent after-tax, after-inflation return on insurance proceeds, use the earnings multiple method to calculate her insurance need. How much more insurance does Joetta need to buy? What other information would you need to know to use the needs approach to calculate Joetta's insurance coverage? Click on the table icon to view the PVIFA table 1. Assuming she can receive a 4 percent after-tax, after-inflation return on insurance proceeds and using the earnings multiple method, Joetta's insurance need is $ (Round to the nearest dollar.) How much more insurance does Joetta need to buy? What other information would you need to know to use the needs approach to calculate Joetta's insurance coverage? (Select the best choice below.) O A. Joetta needs to buy $309,864 of insurance. Since Joetta is a single parent, some needs included in the needs approach method are not relevant. To use this method, Joetta would need specific information on projected amounts for cleanup funds, debt elimination funds excluding the mortgage, educational expenses for the children, and the availability of Social Security to assist with dependency expenses. Joetta can also consider the effect of existing assets to reduce the amount of insurance needed. B. Joetta needs to buy $580,364 of insurance. Since Joetta is a single parent, some needs included in the needs approach method are not relevant. To use this method, Joetta would need specific information on projected amounts for cleanup funds, debt elimination funds excluding the mortgage, educational expenses for the children, and the availability of Social Security to assist with dependency expenses. Joetta can also consider the effect of existing assets to reduce the amount of insurance needed