Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ralph wants to have enough life insurance so that if he died while his kids were still dependent on him, his family would have the

Ralph wants to have enough life insurance so that if he died while his kids were still dependent on him, his family would have the funds to provide a $53,000 annual income for 32 years. Assume the funds would get a 1.6% annual real rate of return. How much life insurance does he need to have to provide this security to his family? Input the number to the nearest dollar (no $ signs or + or -).

Answer:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management In The Sport Industry

Authors: Matthew T. Brown, Daniel A. Rascher, Mark S. Nagel, Chad D. McEvoy

3rd Edition

0367321211, 978-0367321215

More Books

Students also viewed these Finance questions

Question

Find Vac in the circuit infigure: 4 V 3Vx 12 v+ Vx = 2V

Answered: 1 week ago