Ragnar's goals are as follows: - Have enough life insurance to: - pay for his final expenses ($25,000) -pay off his credit cards ($15,000), auto loan ($35,000), and his federal student loans from his graduate degrees ($150,000) Ragnar (age 24) lives near Salem, VA, with his 3-year old son (Bjorn). He is planning to ask his girlfriend (Lagertha) to marry him within the next year or so - he needs to work up the courage to pop the question. Ragnar has a good job in land acquisition for a developer. He earns an annual salary of $80,000/year. He has full medical benefits through his job. Ragnar's only retirement investment is his 401(k), where his employer matches his contributions "$ 1-for-$1" up to 4% of his annual salary. Ragnar doesn't quite understand how his 401(k) plan works, so he just decided to invest $1,000/year into it. He doesn't even know how his funds are invested inside of his 401(k). provide $150,000 in 15 years for Bjorn's college education. If he were to die today the funds would be invested at an annual rate of return of 5% for the next 15 years. - provide 4 years of his annual salary to provide living needs for Bjorn (and Lagertha after they get married). - Retire with $5 million in his 401(k) when he wants to retire in 35 years. Assume that his retirement account will earn an annual return of 8% and that his company will make the matching contributions to his account. Ragnar already has $18,000 in his 401(k). Use Beginning of Period payments. For simplicity assume that his salary will remain constant over this time period. Ragnar and Lagertha just attended a free financial planning seminar hosted by a financial planner who is a Virginia Tech graduate - her name is Rianka Dorsainvil. Rianka taught them the basics of life insurance and retirement planning. She also talked about the advantages and disadvantages of renting vs purchasing a house. To say the least, she really got their attention! She sparked a fire under them and got them motivated to take actions to improve their lifestyle and move towards their goals. - Ragnar doesn't like being tied to a particular geographic area, so he is in no hurry to purchase a house. Besides, his company has been thinking about transferring him to Portland, OR, to open a new division of the company. What type of life insurance policy (term or cash-value) would you recommend for Ragnar's goal of providing 4 years of salary to his survivors to help them meet their living needs? O A. Term Life Insurance OB. Cash-Value Life Insurance Ragnar's goals are as follows: - Have enough life insurance to: - pay for his final expenses ($25,000) -pay off his credit cards ($15,000), auto loan ($35,000), and his federal student loans from his graduate degrees ($150,000) Ragnar (age 24) lives near Salem, VA, with his 3-year old son (Bjorn). He is planning to ask his girlfriend (Lagertha) to marry him within the next year or so - he needs to work up the courage to pop the question. Ragnar has a good job in land acquisition for a developer. He earns an annual salary of $80,000/year. He has full medical benefits through his job. Ragnar's only retirement investment is his 401(k), where his employer matches his contributions "$ 1-for-$1" up to 4% of his annual salary. Ragnar doesn't quite understand how his 401(k) plan works, so he just decided to invest $1,000/year into it. He doesn't even know how his funds are invested inside of his 401(k). provide $150,000 in 15 years for Bjorn's college education. If he were to die today the funds would be invested at an annual rate of return of 5% for the next 15 years. - provide 4 years of his annual salary to provide living needs for Bjorn (and Lagertha after they get married). - Retire with $5 million in his 401(k) when he wants to retire in 35 years. Assume that his retirement account will earn an annual return of 8% and that his company will make the matching contributions to his account. Ragnar already has $18,000 in his 401(k). Use Beginning of Period payments. For simplicity assume that his salary will remain constant over this time period. Ragnar and Lagertha just attended a free financial planning seminar hosted by a financial planner who is a Virginia Tech graduate - her name is Rianka Dorsainvil. Rianka taught them the basics of life insurance and retirement planning. She also talked about the advantages and disadvantages of renting vs purchasing a house. To say the least, she really got their attention! She sparked a fire under them and got them motivated to take actions to improve their lifestyle and move towards their goals. - Ragnar doesn't like being tied to a particular geographic area, so he is in no hurry to purchase a house. Besides, his company has been thinking about transferring him to Portland, OR, to open a new division of the company. What type of life insurance policy (term or cash-value) would you recommend for Ragnar's goal of providing 4 years of salary to his survivors to help them meet their living needs? O A. Term Life Insurance OB. Cash-Value Life Insurance