Joetta Hernandez is a single parent with two children and earns $49,300 a year. Her employer's group life insurance policy would pay 2.5 times her salary. She also has $65,733 saved in a 401(k) plan, $5,478 in mutual funds, and a $3,287 certificate of deposit. 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 2 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 Assuming she can receive a 2 percent after-tax, after-inflation return on insurance proceeds and using the earnings multiple method, Joetta's insurance need is S (Round to the nearest dollar.) Data Table Present Value of an Annuity of $1 (PVIFA) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0.909 0.990 0.980 0.952 1.859 2.723 3.546 4.329 5.076 5.786 6.463 7.108 7.722 8.306 8.863 0.935 1.808 2.624 3.387 0.926 0.962 1.886 2.775 3.630 4.452 5.242 6.002 6.733 7.435 0.943 1.833 1 0.971 0.917 1.736 2 1.970 1.942 1.913 1.783 1.759 2.829 3.717 4.580 5.417 6.230 7.020 7.786 8.530 9.253 9.954 10.635 11.296 11.938 2.941 3.902 2.884 3.808 2.577 2.673 2.531 2.487 3.465 4.212 3.170 4. 3.312 3.240 3.993 4.853 4.713 4.100 3.890 3.791 5.795 6.728 7.652 8.566 4.767 5.389 5.971 6.515 7.024 7.499 6 5.601 4.917 4.623 4.486 4.355 5.206 6.472 7.325 5.582 6.210 6.802 7 5.033 4.868 5.535 5.747 5.335 8 9 8.162 6.247 5.995 5.759 8.983 9.787 10.575 11.348 12.106 12.849 13.578 14.292 14.992 6.418 6.805 10 9.471 8.111 7.360 6.710 6.145 10.368 8.760 9.385 9.986 7.139 7.536 7.904 8.244 8.559 7.887 8.384 11 6.495 6.814 12 11.255 7.943 7.161 8.358 8.745 13 12.134 9.394 8.853 7.487 7.103 13.004 13.865 14.718 15.562 16.398 17.226 9.899 14 10.563 9.295 7.786 7.367 8.061 7.606 9.108 15 11.118 10.380 9.712 11.652 12.166 12.659 10.838 16 12.561 10.106 9.447 8.851 8.313 7.824 8.544 9.763 10.059 10.336 10.594 10.836 8.022 10.477 17 13.166 11.274 9.122 9.372 9.604 9.818 13.754 14.324 18 11.690 10.828 8.756 8.201 8.950 19 15.678 13.134 12.085 11.158 8.365 18.046 12.462 8.514 20 16.351 14.877 13.590 11.470 9.129 18.857 19.660 20.456 21.243 22.023 25.808 32.835 39.196 14.029 12.821 21 17.011 15.415 11.764 10.017 9.292 8.649 17.658 18.292 15.937 16.444 16.936 13.163 12.042 8.772 22 14.451 11.061 10.201 9.442 14.857 9.580 9.707 8.883 8.985 13.489 13.799 14.094 15.372 17.159 18.256 12.303 12.550 10.371 23 11.272 11.469 11.654 12.409 13.332 13.801 10.529 24 18.914 15.247 15.622 17.292 25 19.523 17.413 12.783 10.675 9.823 9.077 Enter your answer in the an 22.396 27.355 31.424 11.258 11.925 12.233 13.765 15.046 15.762 30 19.600 10.274 9.427 9.779 40 23.115 19.793 10.757 part remaining heck Answer 25.730 21.482 10.962 50 9.915 Joetta Hernandez is a single parent with two children and earns $49,300 a year. Her employer's group life insurance policy would pay 2.5 times her salary. She also has $65,733 saved in a 401(k) plan, $5,478 in mutual funds, and a $3,287 certificate of deposit. 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 2 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 Assuming she can receive a 2 percent after-tax, after-inflation return on insurance proceeds and using the earnings multiple method, Joetta's insurance need is S (Round to the nearest dollar.) Data Table Present Value of an Annuity of $1 (PVIFA) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0.909 0.990 0.980 0.952 1.859 2.723 3.546 4.329 5.076 5.786 6.463 7.108 7.722 8.306 8.863 0.935 1.808 2.624 3.387 0.926 0.962 1.886 2.775 3.630 4.452 5.242 6.002 6.733 7.435 0.943 1.833 1 0.971 0.917 1.736 2 1.970 1.942 1.913 1.783 1.759 2.829 3.717 4.580 5.417 6.230 7.020 7.786 8.530 9.253 9.954 10.635 11.296 11.938 2.941 3.902 2.884 3.808 2.577 2.673 2.531 2.487 3.465 4.212 3.170 4. 3.312 3.240 3.993 4.853 4.713 4.100 3.890 3.791 5.795 6.728 7.652 8.566 4.767 5.389 5.971 6.515 7.024 7.499 6 5.601 4.917 4.623 4.486 4.355 5.206 6.472 7.325 5.582 6.210 6.802 7 5.033 4.868 5.535 5.747 5.335 8 9 8.162 6.247 5.995 5.759 8.983 9.787 10.575 11.348 12.106 12.849 13.578 14.292 14.992 6.418 6.805 10 9.471 8.111 7.360 6.710 6.145 10.368 8.760 9.385 9.986 7.139 7.536 7.904 8.244 8.559 7.887 8.384 11 6.495 6.814 12 11.255 7.943 7.161 8.358 8.745 13 12.134 9.394 8.853 7.487 7.103 13.004 13.865 14.718 15.562 16.398 17.226 9.899 14 10.563 9.295 7.786 7.367 8.061 7.606 9.108 15 11.118 10.380 9.712 11.652 12.166 12.659 10.838 16 12.561 10.106 9.447 8.851 8.313 7.824 8.544 9.763 10.059 10.336 10.594 10.836 8.022 10.477 17 13.166 11.274 9.122 9.372 9.604 9.818 13.754 14.324 18 11.690 10.828 8.756 8.201 8.950 19 15.678 13.134 12.085 11.158 8.365 18.046 12.462 8.514 20 16.351 14.877 13.590 11.470 9.129 18.857 19.660 20.456 21.243 22.023 25.808 32.835 39.196 14.029 12.821 21 17.011 15.415 11.764 10.017 9.292 8.649 17.658 18.292 15.937 16.444 16.936 13.163 12.042 8.772 22 14.451 11.061 10.201 9.442 14.857 9.580 9.707 8.883 8.985 13.489 13.799 14.094 15.372 17.159 18.256 12.303 12.550 10.371 23 11.272 11.469 11.654 12.409 13.332 13.801 10.529 24 18.914 15.247 15.622 17.292 25 19.523 17.413 12.783 10.675 9.823 9.077 Enter your answer in the an 22.396 27.355 31.424 11.258 11.925 12.233 13.765 15.046 15.762 30 19.600 10.274 9.427 9.779 40 23.115 19.793 10.757 part remaining heck Answer 25.730 21.482 10.962 50 9.915