Bob and Sally have three children and called you to review their life insurance needs, Based on the information below, calculated the amount of life insurance Bob requires. Sallys After-tax income (last calendar year) $45,000 Bobs After- tax income (last calendar year) $55,000 Joint Investment $150,000 Sallys RRSPs $70,000 Bobs RRSPs $65,000 Bobs Vehicle $50,000 Sallys Vehicle $35,000 Primary Residence $1 Million Cash $35,000 Mortgage $485,000 Jewelry $45,000 Antiques $30,000 Line of Credit (loan) $55,000 Credit Cards $20,000 Personal loans (cars, etc.) $45,000 Education Costs $115,000 Funeral Costs each $20,000 Continuing household expenses $60,000 They are beneficiaries of each others RRSPs They would not liquidate the investment portfolio which generates $5,000 annually Investment rate are at 6%. Inflation is 2.5% Tax rate on investments is 20% The antiques and jewellery would not be liquidated upon the death of one. They would sell Sallys vehicle in the event of either of their deaths They would like the calculation based on a 20-year period.?