Show your calculations (no calculations = no credit) 1. Sandra, age 45, is married with two children in high school. She estimates that her average annual earnings over the next 20 years will be $54,000. She estimates that one-third of her average annual earnings will be used to pay taxes, insurance premiums, and the costs of self-maintenance. The remainder will be used to support her family. Sandra wants to calculate her human life value and believes a 6 percent discount rate is appropriate. The present value of $1 payable for 20 years at a discount rate of 6 percent is $11.47. Calculate Sandra's human life value. 2. Carla, age 35, is a single parent and has a one-year-old son. She earns $45,000 annually as a marketing analyst. Her employer provides group life insurance in the amount of twice the employee's salary. Carla also participates in her employer's 401(k) plan. She has the following financial needs and objectives: Funeral costs and uninsured medical bills. $20,000 Income support for her son 2,000 monthly for 17 years Pay off mortgage on home 150,000 Pay off car loan and credit card debts 15,000 College education fund for son 150,000 Carla has the following financial assets. Checking account 2,000 IRA account 8,000 401(k) plan 25.000 Individual life insurance 25,000 Group life insurance 90.000 a. Ignoring the availability of social security survivor benefits, how much additional life insurance, if any, should Carla purchase to meet her financial goals based on the needs approach? Be sure to show your calculations. b. How much additional life insurance, if any is needed if estimated Social Security survivor benefits in the amount of $800 monthly are payable until her son attains age 18? Be sure to show your calculations