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only need the answers Larry and Megan zhou have completed Step 1 of their needs analysis worksheet and determined that they need $3,522,000 to maintain

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Larry and Megan zhou have completed Step 1 of their needs analysis worksheet and determined that they need $3,522,000 to maintain the profected lifestyle of Megan (age 38) and their two children (ages 8 and 10) in the event of torry's (tho primary carner's) death. The Zhous atso have cartain financlal resources avaliable after Larry's death, however, so their life insurance needs are lower than this amount. If Larry dies, Megan will be eligible to receive Social Security survivors' benefits-approximately $3,000 a month ( $36,000 a year) until the youngest child graduates from high school in 10 years. After the children leave home, Megan will be able to work full-time and earn an estimated $46,000 a year (after taxes) until she retires at age 65 , After Megan turns 65 , she 11 recelve approximately $2,400 a month ( $28,800 a vear) from her own 50ciai Security and retirement benefits. The life expectancy for a woman within Megan's demographic is 87 . The couple has also saved $60,000 in a mutual fund, and Larry's employer provides him a $100,000 lfe insurance policy. Using this information, complete step 2 of the needs analysis worksheet to estimate their total financial resources available after death. (Note: If the value of a certain encry as zero, be sure to enter " 0 - to receive credit.) Life Insurance Needs Anatysis Worksheet (Part 2) Ufe Insurance Needs Analysis Worksheet (Part 2) Step 2: Financlal Resources Avallable After Death Finaly, to determine the vahye of Me insurance Lary and Megan should purchase, complete Step 3 or the needs analrais method by subtracting the focal financtal reiources avalable form the total financlal resources needed, Step 3: Additional Uife Insurance Needed Finally, to determine the value of life insurance Lamy and Megan should purchase, complete step 3 of the needs analysis method by subtracting the True of Faise: Alternatively, the Zhous could have estimated their life insurance needs using the multiple-of-earnings method, a fess complicated but less accurate method than the needs analysis. True ralse

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