Philip is married and has two children. He is an account executive who earns a gross monthly income of $7,000. He pays $340 towards CPP, $160 towards employment insurance (El), and $2, 100 towards income tax. He plans to purchase a life insurance policy on his life. In order for Philip's family to maintain their current lifestyle after his death, what monthly amount should his life insurance needs analysis be based on? WHd2MGpCcDJZcHRVN3RZVkttTEVwQT09 a. b. O $9,600 $7,000 . $4,400 d. O $4,900