How do I solve the present value in excel? So far I have determined the Human Life Value approach to equal $1,224,026.22 and the Capitalized approach to equal $2,101,200. Is this correct?

Zac and Mary Johnson are 36 and 34 respectively. Zac has recently been offered a new job as an IT engineer with a newly created software company that helps churches fully integrate their giving, attendance, and member data software where he can earn $102,000 per year. Mary currently stays home and homeschools their two children (Brayden (10) and Cora (7)) although she holds a CPA license in the state of Indiana. Zac and Mary also have two Mastiffs (Fun and Games). Zac and Mary have been married for 14 years and currently live in a rural area outside Indianapolis, IN. Zac and Mary are excited to have just learned that they are expecting their third child. Knowing his type A personality, Zac begins to feel anxious that he has not done an adequate job of protecting his family should something happen to him, especially with the anticipation of a third child. Zac approaches you in your local men's bible study and asks to meet with you regarding a review of his current insurance. He seems rather bothered by where he stands, specifically not knowing how much life insurance he really should have. In the course of your follow-up meeting, he gives you the following information: * Current salary: $102,000 * Annual salary increase: 3.0% * Retirement Age: 67 * Expected inflation rate: 3% * Final expenses: $30,000 Income Tax bracket: 25% Monthly social security benefit per child until the child reaches 18: $3,200 * College education costs $25,000 per year per child in today's dollars starting at age 18 for four years. Education inflation rate: 5% * Monthly income needs for spouse until last child is age 22: $5,500 * Personal Consumption: 20% of income * Investment returns expected to be 6% * Mortgage and debt repayment (as it stands today) is: $285,000 | INSTRUCTIONS Analyze each of the approaches listed below, including detailed calculations, to build a final recommendation concerning the Johnsons life insurance needs: Human-Life Value Approach Needs Approach Capitalized-Earnings Approach . Zac and Mary Johnson are 36 and 34 respectively. Zac has recently been offered a new job as an IT engineer with a newly created software company that helps churches fully integrate their giving, attendance, and member data software where he can earn $102,000 per year. Mary currently stays home and homeschools their two children (Brayden (10) and Cora (7)) although she holds a CPA license in the state of Indiana. Zac and Mary also have two Mastiffs (Fun and Games). Zac and Mary have been married for 14 years and currently live in a rural area outside Indianapolis, IN. Zac and Mary are excited to have just learned that they are expecting their third child. Knowing his type A personality, Zac begins to feel anxious that he has not done an adequate job of protecting his family should something happen to him, especially with the anticipation of a third child. Zac approaches you in your local men's bible study and asks to meet with you regarding a review of his current insurance. He seems rather bothered by where he stands, specifically not knowing how much life insurance he really should have. In the course of your follow-up meeting, he gives you the following information: * Current salary: $102,000 * Annual salary increase: 3.0% * Retirement Age: 67 * Expected inflation rate: 3% * Final expenses: $30,000 Income Tax bracket: 25% Monthly social security benefit per child until the child reaches 18: $3,200 * College education costs $25,000 per year per child in today's dollars starting at age 18 for four years. Education inflation rate: 5% * Monthly income needs for spouse until last child is age 22: $5,500 * Personal Consumption: 20% of income * Investment returns expected to be 6% * Mortgage and debt repayment (as it stands today) is: $285,000 | INSTRUCTIONS Analyze each of the approaches listed below, including detailed calculations, to build a final recommendation concerning the Johnsons life insurance needs: Human-Life Value Approach Needs Approach Capitalized-Earnings Approach