4. a. Using the "human life value" method how much life insurance should you purchase if you have 45 years until retirement, an annual income of $61,500 received at the start of each year, and a time value of money of 7%? (Assume 80% income replacement, ignore taxes and inflation.) b. How much life insurance would be needed if you take into account 3% annual inflation over the next 45 years? Assume 100% income replacement and a marginal tax rate of 15%