Jaimie Fraser, aged 59, is a landscape gardener. For the past 10 years, he has successfully operated his own landscaping business. Jaimie's income from the business is $200,000 per annum. Jaimie's wife, Claire, is 49 and has been a part-time retail employee for the past 10 years. She earns $40,000 per annum before tax. There are two children: Faith, aged 28, and Brianna, aged 25. It is Jaimie and Claire's desire that their children have the r homes. To provide for this, they estimate that $100,000 each should be saved for this purpose. Claire's mother, Jocasta, is living with the family. She is 86 and receives a small pension that covers her incidental expenses. Jaimie and Claire meet her other expenses, which are included in the per person living cost below. The family's basic living expenses are $3,000 per month regardless of how many of them remaing living. In addition, each living family member requires $700 per person per month. The Frasers own their own house, which has a value of $1,250,000 with a mortgage of $400,000. Credit cards and personal loans amount to $25,000. It has been agreed that, in the event of Claire's death, Jaimie's income will be sufficient to meet the fa would need to be paid out and other lump sum amounts met. In the event of Jaimies death, the family would want to be able to pay all debts, achieve the savings goal and pay all living costs from any insurance payout. The life expectancy is to be taken as 85 years for males and 90 years for females. There is a self-funded superannuation plan which will provide sufficient income from age 65 for either or both of the Frasers. Neither of the couple has a current life insurance policy. Funeral and associated costs are expected to amount to $10,000, and final medical expenses will amount to $25,000. Legal and estate costs are anticipated to be $5,000. Additionally, they believe they need emergency funds of $20,000 in case any of underestimated. From the information provided, calculate the amount of cover necessary if separate life covers were to be effected for Jaimie and Claire to cover them until the living partner reaches age 65 using a) the multiple approach. (assume a 4.5% rate of return) (2 marks) b) the needs approach. (11 marks)