Theo is a consultant who earns 72,000$ annyally. His wife, Julia is a homemaker and theey have one child, Ben. Theo is covered by 200,000$ life insurance policy. The couple assumes an annual inflation rate of 3%. How dwould you desin a finance plan for them regarding how much life insurance they should have. NOTE: no mortgage is assumed. Theo and Julia have set the following goals and assumptions.

a) income need (readjustment period year 1) 72,000/ year

b) income need-- dependency period 42,000/year

c)income needed-- empty nest period 36,000/year

d) estate expenses and debts 15,000

e)education funding (today's dollar) 180,000 (4 years)

f) emergency fund 15,000

g) investment asets (cash/cash equivalents) 100,000

h) julia's life expectancy 85 years

i)discount rate 6%