Fred and Mary have two young children and each earns $60,000 gross income and need every penny of it to makes ends meet. They are concerned that if either of them were to die in the next few years, they would need enough funds to fully cover the lost income as well as an additional $2,000 per month for a nanny, for ten years. After the ten years, they feel that $40,000 per year would get the kids through school and after that either of them could live on whatever income they were earning. How much life insurance do they need?