Michael's Life insurance policy is a $50,000 group term life insurance through the hospital.

He is in the 24% Federal income tax bracket and 6% state income tax bracket and his annual salary is $170,000.

Michael is 35 and plans to retire at age 67 with 70% of preretirement income. He anticipates living until age 92

Using a human value approach net of state and federal income taxes and assuming a 9% after-tax rate of return, how much additional life insurance is needed on Michaels life? Remember to use the federal and state tax assumptions.