Surprise! Jamie Lee and Ross were stunned to find that their family of two has grown to a family of five! They were expecting twins, but

when the babies were born, they discovered that they were actually the parents of triplets!

Ross immediately had worries of being able to provide for the growing family: diapers, formula, college expenses times three! What if

something happened to him or Jamie Lee? How would the surviving parent be able to provide for such a large family?

Jamie Lee and Ross decided to purchase life insurance for Ross because his is the higher income at this time and because it would be

more devastating if his income was lost due to his death. They have allowed $$7,000$ for funeral costs.

Calculate their living expenses for $6$ months to include all monthly expenses, excluding credit card debt and entertainment. Note that

Ross's mother lives close and will be providing childcare to their triplets once Jamie Lee goes back to work at the bakery for half days.

His mom will have a hired nanny to assist, which will cost them $$1,400$ a month. Use the table below to determine the amount Jamie

Lee and Ross should use when shopping for life insurance. Each answer must have a value for the assignment to be complete. Enter

$"$O$"$ for any unused categories.

Current Financial Situation

Use the "family need" method to complete

Yearly income $x5$

Total approximate expenses above and beyond your daily

living costs for you and your dependents $($e$.$g$.$ tutition, care

for disabled child or parent$)$

Emergency fund needed $(6$ months of living expenses$)$

Expected funeral expenses

Total estimate of family's financial needs $($sum of lines $1-$

Total liquid assets $($e$.$g$.$ savings account, CDs$,$ money

market funds, other life insurance, pension plan death

benefits, and Social Security benefits$)$

Life insurance needs $($total estimate of needs minus

liquid assets$)$