Stasia and Patrick Strong are $52$ years old and have one daughter, age $14.$ Stasia is the primary earner, making $$80,000$ per year. Patrick does not currently work. The Strongs have decided to use the needs analysis method to calculate the value of a life insurance policy that would provide for Patrick and their daughter in the event of Stasia$$s death.

Stasia and Patrick estimate that while their daughter is still living at home, monthly living expenses for Patrick and their child will be about $$3,300($in current dollars$).$ After their daughter leaves for college in $4$ years, Patrick will need a monthly income of $$2,750$ until he retires at age $65.$ The Strongs estimate Patrick$$s living expenses after $65$ will only be $$2,300$ a month. The life expectancy of a man Patrick$$s age is $82$ years, so the Strong family calculates that Patrick will spend about $17$ years in retirement.