2. Life Insurance Needs Couple Three Children Mike and Macy live in Clovis, NM and have been married for 10 years. Their children a Julie (age 4) and Kacy (age 8). Mike's net salary is $65,000 yearly. Macy's net salary is $80,000 yearly. Thev have the followina ioint assets... Each has a retirement plan with their employer's. Mike has $210,000 in her plan and Macy has $175,000. If one of them should die, Mike and Macy agree they want 100% salary replacement until Julie turns 18 . They are assuming a 5% interest rate. Additionally, they want to be able to pay off their home with a mortgage of $250,000, the Audi with an outstanding loan of $40,000 and the GMC Sierra with an outstanding loan of $10,000. Each wants a modest funeral ($15,000). Education is a high priority. Macy never finished her bachelor's degree and would want to return to Eastern New Mexico State do so if something happened to Mike ($40,000). Additionally, they would want funds for each of the two children to attend a private university if they chose to do so ( $60,000 per year). How much life insurance would Mike need? How much life insurance would Macy need