3. How much life insurance do you need? Calculating resources- Part 2 Dmitri and Frances. Ivanov have completed Step 1 of their needs analysis worksheet and determined that they need $3,522,900 to maintain the projected lifestyle of Frances (age 38) and their two children (ages 8 and 10) in the event of Dmitri's (the primany earner's) deoth. The Ivanovs also have certain financial resources available after Dmitri's death, however, so their life insurance needs are lower than this amount. If Dmitri dies, Frances will be eligible to receive Social Security survivors' benefits-anproximately $3,000 a month ( $36,000 a year) until the youngest child graduates from hioh school in 10 years. After the children leave home, Frances will be able to work full-time and earn an estimated \$46,000 a year (after taxes) until she retires at age 65 , After Frances turns 65 , shell recelve approximately $2,400 a month ( $28,800 a year) from her own mutual fund, and Dmitri's employer provides him a $100,000 life insurance policy. Using this information, complete step 2 of the noeds anahyis worksheet to estimate their total financial resources avallable aitter doath. (Note: If the value of a certain entry is zevo, be sure to enter " to receive credit.) Finally, to determine the value of life insurance Dmitr and Frances should purchase, complete step 3 of the needs analysis method by subtracting the total financial resources available from the total financiall resources needed. True or False: Alternatively, the Ivanovs could have estimated their life insurance needs using the multiple-of-earnings method, a Iess complicated but less accurate method than the needs analysis True False