Jonathan, age 35, and Mylne, age 30, have been married for two years and their litle git Lily, just turned one. They have agreed that Mylne will not go back to work until Lilys 18th birthday. In the event of his premature death, Jonathan would like to provide Mylne and Lily with an income of $30,000 per year until Lily turns 18, and an amount of $20,000 per year for a period of 3 years after that, to give Mylne a chance to return to school and find a job. The couple has no life insurance and no savings. What minimum life insurance amount should Jonathan buy today to insure the financial future of Mylne and Lily? $1,000,000.

0 $570,00.

0 $510,000.

0 $50,000. 0