Eleanor and Jason Stein are 40 years old and have one daughter, age 10 . Eleanor is the primary earner, making $65,000 per year. Jason does not currently work. The Steins have decided to use the needs analysis method to calculate the value of a life insurance policy that would provide for Jason and their daughter in the event of Eleanor's death. Eleanor and Jason estimate that while their daughter is still living at home, monthly living expenses for Jason and their child will be about $2,900 (in current dollars). After their daughter leaves for college in 8 years, Jason will need a monthly income of $2,600 until he retires at age 65 . The 5 . estimate Jason's living expenses after 65 will only be $2,000 a month. The life expectancy of a man Jason's age is 82 years, so the Stein family calculates that Jason will spend about 17 years in retirement. Using this information, complete the first portion of the needs anslyais woricsheet to estimate their total living expenses. Name of insured Jason and Eleanor Stein Date3uly312015 Step 1: Financial resources needed after death 1. Annual living expenses and other needs Ponthly living a. Period expenses Net yearly income $2,900 needed (1a12) Number of years in time period Total kving needs per time period (1b 1c) \begin{tabular}{|l|} \hline 5 \\ \hline 17 \\ \hline 5 \\ \hline \end{tabular} 17 Total fiving expenses (add Line 1d $1,216,800 for each penod to checkyour totsi):: In addition to these monthly expenses, other future outlays must be accounted for, Before they had a child, Jason worked as a real estate agent, but. his knowledge and skils are now somewhat outdated. Therefore, they indude $20,000 for Jason to go back to school. Additionally, Eleanor and Jason Want to create a college fund of $25,000 to fund their child's college education. They estimate that final expenses (funeral costs and estate taxes) will amount to $10,000. Finally, they have taken out a loan for a business venture of $40,000 and an automobile loan of $3,000. Because the 5 teins are renters, they have no outstanding mortgoge. Using this information, complete the next portion of Step 1 to determine the fotal financial rescurces needect. Eleanor and Jason Stein are 40 years old and have one daughter, age 10 . Eleanor is the primary earner, making $65,000 per year. Jason does not currently work. The Steins have decided to use the needs analysis method to calculate the value of a life insurance policy that would provide for Jason and their daughter in the event of Eleanor's death. Eleanor and Jason estimate that while their daughter is still living at home, monthly living expenses for Jason and their child will be about $2,900 (in current dollars). After their daughter leaves for college in 8 years, Jason will need a monthly income of $2,600 until he retires at age 65 . The 5 . estimate Jason's living expenses after 65 will only be $2,000 a month. The life expectancy of a man Jason's age is 82 years, so the Stein family calculates that Jason will spend about 17 years in retirement. Using this information, complete the first portion of the needs anslyais woricsheet to estimate their total living expenses. Name of insured Jason and Eleanor Stein Date3uly312015 Step 1: Financial resources needed after death 1. Annual living expenses and other needs Ponthly living a. Period expenses Net yearly income $2,900 needed (1a12) Number of years in time period Total kving needs per time period (1b 1c) \begin{tabular}{|l|} \hline 5 \\ \hline 17 \\ \hline 5 \\ \hline \end{tabular} 17 Total fiving expenses (add Line 1d $1,216,800 for each penod to checkyour totsi):: In addition to these monthly expenses, other future outlays must be accounted for, Before they had a child, Jason worked as a real estate agent, but. his knowledge and skils are now somewhat outdated. Therefore, they indude $20,000 for Jason to go back to school. Additionally, Eleanor and Jason Want to create a college fund of $25,000 to fund their child's college education. They estimate that final expenses (funeral costs and estate taxes) will amount to $10,000. Finally, they have taken out a loan for a business venture of $40,000 and an automobile loan of $3,000. Because the 5 teins are renters, they have no outstanding mortgoge. Using this information, complete the next portion of Step 1 to determine the fotal financial rescurces needect