As the primary breadwinner in her household, Miranda is determining her life insurance needs. Her husband was injured in a work-related accident and receives social security disability (SSDI) payments of $1008 a month. Their household expenses are $61,826 per year. If the prevailing interest rate is 5%, determine the amount of life insurance Miranda needs to purchase to cover the income shortfall. Round to the nearest thousand dollars.

Amount of life insurance needed?