Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Upload to the assignment in Canvas your Excel file for each of the two problems. You can upload one or two files. 1. Life
Upload to the assignment in Canvas your Excel file for each of the two problems. You can upload one or two files. 1. Life Insurance Needs Couple With No Children Jenny and Lisa live in Austin, TX and have been married for 8 years. Jenny's net salary is $147,000 yearly. Lisa's net salary is $190,000 yearly. They have the following joint assets... Home (FMV) Mutual fund account $730,000 $200,000 Audi 2023 Q5 45 S line Premium quattro SUV (FMV) $53,900 GMC Sierra Limited (FMV) $40,000 Each has a retirement plan with their employer's. Jenny has $400,000 in her plan and Lisa has $620,000. Jenny and Lisa agree they want 100% salary replacement for 2 years if one of them should die. They are assuming a 6% interest rate. Jenny wants to be cremated ($7,000) and Lisa to spread her ashes in some of the places they have been camping. Lisa wants a full-on funeral with all the trimmings and burial in the nearby cemetery ($22,000). Additionally, they want to be able to pay off their home with a mortgage of $650,000, th Audi with an outstanding loan of $40,000 and the GMC Sierra with an outstanding loan of $10,000. How much life insurance would Jenny need? How much life insurance would Lisa need? CNG Sear A ATH Currant Cense an
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started