Money.cnn$.$com states, $$The single most important reason to own life insurance is to provide support for your dependents.$$ Insurance$4$usa.com states, $$Professionals suggest you have $8$ to $12$ times your income in life insurance.$$ Pat and Bonnie Marsh are calculating how much life insurance they need. They have two young children with no college fund set up$.$ Bonnie is a $36-$year$-$old stay$-$at$-$home mom. Pat, $40,$ earns $$80,000$ per year. $($Use Table $20\mathrm{.}1.)($for females subtract $3$ years from the table$).$

How much life insurance do you recommend each person have, assuming that you suggest that they have the minimum number of times of their income? $($Note that a spouse who stays at home to raise the family generates the equivalent of a salary that needs to be taken into account. Assume Bonnie$$s salary is $$37,000.)$

What will be the cost of straight$-$life insurance for both policies if the lowest recommended amount is used?

Note: Round your answers to the nearest cent.