Question
Carole is a single mother and lawyer. She wants to have enough life insurance in place, so that if she died while her three children
Carole is a single mother and lawyer. She wants to have enough life insurance in place, so that if she died while her three children were still dependent, there would be enough funds in trust to provide the guardians of her children with a $70,000 annual income for 18 years as well as a lump sum of $360,000 to cover future education expenses for her children. Assume the insurance proceeds would get a 2.1% annual real rate of return. How much life insurance does she need to provide this financial security for her children? Input the number to the nearest dollar.
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