Jane and Joe each earn $58,000 and have estimated that over the next 20 years will need 60 percent of total income to manage debt, pay off the mortgage, and pay for children's postsecondary education. How much life insurance should they apply for? (Investment returns are 6 percent.)

a.

$1,392,000

b.

$696,000

c.

$798,307

d.

$399,153