Austin wants an estimate of the amount of insurance he must procure to provide income to his family in the event of his death so that they can maintain an adequate lifestyle. He estimates that his family will require $70,000 each year before taxes. His wife is employed and annually earns $48.000. Assuming that the interest rate is 4% and using the capital retention approach, how much insurance must Austin procure for the purpose of covering the income shortfall that will be faced by his family in the event of his death?