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Joe Moutran is evaluating his life insurance needs. His family's total annual living expenses are $54,500. Gloria, his wife, earns a salary of $28,900 per

Joe Moutran is evaluating his life insurance needs. His family's total annual living expenses are $54,500. Gloria, his wife, earns a salary of $28,900 per year. If the prevailing interest rate is 4%, how much life insurance should Joe purchase to cover his dependents' income shortfall in the event of his death

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