Amount of Insurance Needed. Marty and Mary have jobs and contribute to the household expenses according to their income. Marty contributes 75% of the expenses and Mary contributes 25\%. Currently, their household expenses are $22,000 arnually. Marty and Mary have three ch iliren. The youngest child is 12 , so they would like to ensure that they could maintain their current standard of living for at least the next eight years. They feel that the insurance piroceeds coild be invested at 5M. In addition to covering the annual expenses, they would like to make sure that each of their children has $35,000 avaliable for college. If Marfy were to die, Mary would go back to school part-time to upgrade her training as a nurse. This would cost $35,000. They have a mortgage on their horne with a balance of 585,713. How much life insurance should they purchase for Marty? The amount of lite insurance they should purchase for Marty is 5 (Found to the nearest doliar.)