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Please show work using Excel functions such as PV, FV, NPV, Pmt, Etc... Henry wants to provide enough life insurance coverage on himself to replace
Please show work using Excel functions such as PV, FV, NPV, Pmt, Etc...
Henry wants to provide enough life insurance coverage on himself to replace his income indefinitely. He also does not want the principle amount (the initial insurance death benefit amount) to decline over time. He assumes that his family will be able to earn 5% on their investment of his insurance money. Henry makes $100,000 per year. He assumes that his family will take the same $100,000 withdrawal each year (no growth). How much death benefit coverage does Henry need? $500,000.00 $1,000,000.00 $1,246,221.03 O $2,000,000.00Step by Step Solution
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