the following information for questions 1 and 2. The Porter family has two adults and three children. Mrs. Porter is a prominent lawyer in the state capital. Her income is currently $160,000. Her husband takes care of the kids. He has not worked in several years and has training as a computer programmer. Since he has not stayed up-to-date with best practices in his field, he expects that he would have a hard time if he ever tried to re-enter the work force. Their youngest child is 3 years old. They have the following outstanding debts: $140,000 on their mortgage, $20,000 on cars, $1,200 on credit cards, and $50,000 on student loans. 1. Given what you know so far about the Porter family, what is the most appropriate method for computing their life insurance needs? Why? 2. Using the most appropriate method, how much life insurance would you recommend the Porters purchase (show your work)? Are there any important additional considerations (if so adjust your recommendation accordingly)? 3. It is also very important to the Porters that their children recelve a college education. Using a tax-exempt college savings plan, they have set aside roughly $10,000 for each of their children to go to college. They are on track to be able to save enough money for their children to go to college (an estimated $70,000 per child). What type of life insurance could they get to ensure that their children could still go to college in the event of the death of Mr. and Mrs. Porter? In order to meet just this goal, how much insurance do they need for the next 10 years? How much for the 10 years after that? How much for the 10 years after that? 4. The Camerones are both retired. They managed to run a highly successful nursery and want to pass it on to their children. The nursery covers almost 100 acres and is valued at $15,000,000. They are concemed over the fact that nelther they nor their children have enough money to pay the estate tax. The estate tax rate is 45% on all assets transferred after the first $2,000,000. How much insurance do they need and what type of insurance is most appropriate? 5. Since their children are all out of the house, what is the most appropriate method to compute the insurance needs of the Camerenes