• Complete "Do the Math"

Show your computations and highlight the final numeric answer.

Format this sheet professionally and consistently. Use a separate cell(s) with section header for each of the requirements.

• Complete #1, "Calculating Life Insurance Need", on p. 376 in Ch. 12 of Personal Finance.

• Show your computations (use formulas where appropriate). Copy/paste Worksheet 48 provided onto this sheet to use for this problem. This template must be used for this problem.
• Format this sheet to be sure your response is fully legible in the cell(s) in which typed (use wrap text if it runs off the screen, and adjust column width and row height as needed).
• : Worksheet 48: Determining My Life Insurance Needs.

• Determining My Life Insurance Needs (page 353)
  NOTE: Results here may differ slightly than when using Appendix A in text due to rounding.
  Factors Affecting Need	Sample Only	Insert Your Own Figures
  1. Income-replacement needs*	$823,219
  2. Final-expense needs	$ 12,000
  3. Readjustment-period needs	$ 19,000
  4. Debt-repayment needs	$ 10,000
  5. College-expense needs	$ 75,000
  6. Other special needs	$ -
  7. Subtotal (combined effects of items 16)	$ 939,219
  8. Government benefits**	$390,370
  9. Investment Assets Available	$0
  10. Current Life Insurance In Place	$ 98,000
  11. Life insurance needed	$ 450,848
  *Income Replacement Needs Calculator
  Current Annual Income	$56,000
  Percent of Annual Income To Be Replaced	75%
  Annuity Amount (% desired of annual income)	$42,000
  i (assumed interest rate	3.00%
  n (number of annuity payments)	30
  PV (present value) of Income Replacement Needs	$823,219
  **Present Value of Social Security Benefits Calculator
  Estmated Monthly Benefit (See Appendix B in Text)	$2,725.00
  Estimated Annual Benefit	$32,700
  i (assumed interest rate	3.00%
  n (number of annuity payments)	15
  PV (present value) of Government Benefits	$390,370