Pat estimates that $60,000 is seen as sufficient wealth to meet his family's needs after his death. Currently, the family has $800,000 total assets, including bank saving, securities investment, house, cars, etc. The family currently has $220,000 total liability (e.g., mortgage payoff, auto loan, credit card balance), $135,000 cash needs (e.g., emergency fund, educational fund, and final expenses), and $145,000 non-income- producing capital. Ignore any other potential capital resources or needs, e.g., Social Security benefits. Assuming a 5% rate of return, how much life insurance does the Capital Retention Approach suggest? (Supplement reading/example about Capital Retention Approach is provided at Module 4--> Life Insurance-->Reading). Again, please show all your work and calculations so you can receive partial credit even if you make a mistake. The appearance of your homework is a factor in your grade; therefore, it is suggested it be presented in a professional manner