b. Joseph, age 45, is a single parent with an eight-year-old daughter. He earns $800,000 annually as the Financial Controller in a hospital group. His employer also provides him with a group life insurance protection with an amount twice his annual salary Joseph wants to purchase additional life insurance so that his daughter will be financially secure if he dies prematurely. At present. Jason has the following financial needs and income goals for his family if he should die: Income support for his daughter Set up an education fund for his daughter Pay off mortgage loan on home Pay off automobile loan Pay off credit card and instalment loans Pay off funeral costs and other final expenses $30,000 monthly $2,500,000 $4,500,000 $150,000 $100,000 $200,000 In regards of his financial assets, Joseph has a bank saving account with $180,000. He owns several mutual funds and individual stocks with a current market value of $2,000,000. Joseph himself has arranged an individual life insurance policy for a sum insured of $2,400,000. Further, he has participated in his employer's retirement scheme with an account balance of $1,300,000. Also, a lump-sum pension benefit of $1,200,000 is also payable if he dies. i. According to the 'needs approach', how much additional life insurance should Joseph buy to fulfill his financial needs and income goals. It is assumed that the rate of return earned on the policy proceeds is equal to the rate of inflation and social security allowances are not available for Joseph's daughter. Show all your calculations. 12 marks ii. In the above question b(i), how much additional life insurance should Jospeh buy if social security allowances in the amount of $6,000 monthly are payable until his daughter attains age 18? Show all your calculations. 5 marks Evaluate the usefulness of the 'needs approach' as a method of determining the amount of life insurance to purchase. 3 marks c