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Part $1$

Joetta Hernandez is a single parent with two children and earns $$$$62,900$ a year. Her$$ employer's group life insurance policy would pay $2\mathrm{.}5$ times her salary. She also has $$$$83,867$ saved in a$401($k$)$ plan, $$$$6,989$ in mutual$$ funds, and a $$$$4,193$ certificate of deposit. She wants to purchase term life insurance for $15$years$,$ until her youngest child is$$ self$-$supporting. She is not concerned about her outstanding$$ mortgage, as the children would live with her sister in the event of$$ Joetta's death. Assuming she can receive a $3$ percent$$ after$-$tax, after$-$inflation return on insurance$$ proceeds, use the earnings multiple method to calculate her insurance need. How much more insurance does Joetta need to$$ buy? What other information would you need to know to use the needs approach to calculate$$ Joetta's insurance$$ coverage?