Norm and Tanya earn about the same salary and are undertaking a life insurance needs analysis for one of them passing away. If the nominal projected investment return is an average of 8% per annum, inflation is projected at 3% per annum, then find the amount of additional insurance they should purchase, given the following data:

Number of years insurance money should last: 30

Net Worth $34,098

CPP Survivor Benefit $400 per month

Salary $45,000

Lifestyle Expenses (after mortgage) will continue at full amount $5,000 per month

Additional funds for emergency, vacation & taxes $35,000

Funeral expenses $20,000

Current group insurance coverage from employer 1 x Salary

Enter your answer rounded to 2 decimal places, and do not enter any symbols such as $, % or commas.