Saleem wants to buy a life insurance policy. He estimates his family would need $10,000 immediately when he dies. He wants the policy to provide an annual income of $24,000 to his family for 5 years after his death. He also wants his family to have $50,000 for the education of his children and $20,000 to cover any additional needs. Saleem also has $40,000 in a savings account that he is planning to leave for his family in the case of his death. Using this information, and using the Needs approach: estimate how much life insurance should Saleem buy? SHOW YOUR WORK