Assume that you are helping your cousin Mark calculate his life insurance needs and evaluate various types of coverage. Here are the facts:

He is divorced with one 3-year old child, Manny

Mark - 06/02/1993

Manny - 01/15/2018

Mark is in excellent health and has never used tobacco

Mark's salary is $82,000/year gross, and he expects it to increase by 3% per year

He saves 15% per year of his gross salary into his company 401K pre-tax

He pays $2,600/year for group health insurance, pre-tax (Mark's ex carries the health coverage for Manny)

His employer deducts Social Security tax (6.2%), Medicare (1.45%) from his gross pay and about 15% from his taxable pay for Federal and State tax

His employer provides free life insurance in the amount of 1 x his gross salary, and his Social Security Survivor benefit is $1,000/month increasing by 3% per year

He pays 20% of his gross income for child support (not tax deductible) and will owe this until Manny is 18, but Mark wants enough life insurance to pay this until Manny is 30 in the event that Mark dies prematurely

His remaining living expenses are about $30,000/year

He wants to start saving to cover half of the cost of college for Manny (four years, in-state tuition at UW Madison) but has not yet saved anything; he wants enough life insurance to cover this if he dies prematurely

After considering the items he wants covered in the event of his premature death, how much life insurance coverage does Mark need (in excess of is Social Security Survivor's benefit and his group life coverage)?

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