Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help solving Homework: 5-3 MyFinanceLab: Assignment: Module Five Homework Save Score: 0.5 of 1 pt 1 of 6 (6 complete) HW Score: 75%,
I need help solving
Homework: 5-3 MyFinanceLab: Assignment: Module Five Homework Save Score: 0.5 of 1 pt 1 of 6 (6 complete) HW Score: 75%, 4.5 of 6 pts %) Problem P93 (similar to) Question Help Joetta Hemandez is a single parent with two children and eams $36,200 a year. Her employer's group life insurance policy would pay 2.5 times her salary. She also has $48,267 saved in a 401(k) plan, $4,022 in mutual funds, and a $2,413 CD. She wants to purchase term life insurance for 15 years until her youngest child is self-supporting. She is not concerned about her outstanding mortgage, as the children would live with her sister in the event of Joetta's death. Assuming she can receive a 5 percent after-tax, after-inflation return on insurance proceeds, use the earnings multiple method to calculate her insurance need. How much more insurance does Joetta need to buy? What other information would you need to know to use the needs approach to calculate Joetta's insurance coverage? Click on the table icon to view the PVIFA table EEB Assuming she can receive a 5 percent after-tax, after-inflation return on insurance proceeds and using the earnings multiple method, Joetta's insurance need is(Round to the nearest dollar.) Enter your answer in the answer box and then click Check Answer Clear All Check Answer remaining Homework: 5-3 MyFinanceLab: Assignment: Module Five Homework Save Score: 0.5 of 1 pt 1 of 6 (6 complete) HW Score: 75%, 4.5 of 6 pts %) Problem P93 (similar to) Question Help Joetta Hemandez is a single parent with two children and eams $36,200 a year. Her employer's group life insurance policy would pay 2.5 times her salary. She also has $48,267 saved in a 401(k) plan, $4,022 in mutual funds, and a $2,413 CD. She wants to purchase term life insurance for 15 years until her youngest child is self-supporting. She is not concerned about her outstanding mortgage, as the children would live with her sister in the event of Joetta's death. Assuming she can receive a 5 percent after-tax, after-inflation return on insurance proceeds, use the earnings multiple method to calculate her insurance need. How much more insurance does Joetta need to buy? What other information would you need to know to use the needs approach to calculate Joetta's insurance coverage? Click on the table icon to view the PVIFA table EEB Assuming she can receive a 5 percent after-tax, after-inflation return on insurance proceeds and using the earnings multiple method, Joetta's insurance need is(Round to the nearest dollar.) Enter your answer in the answer box and then click Check Answer Clear All Check Answer remainingStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started