You and your spouse are in good health and have reasonably secure careers. You make about $$72\mathrm{.}000$ annually and have opted for life insurance coverage of three times your salary through your employer With your spouse's income, you are able to absorb ongoing living costs of $$52,000$ a year. You own a home with a $$287\mathrm{.}000$ mortgage. Other debits include a $$13500$ car loan, $$6,400$ student loan, and $$3,700$ charged to credit cards. In the event of your death, you wish to leave your family debt$-$free. One of your most important financial goals involves building an education fund of $$94,000$ to cover the costs of a four$-$year university program for each of your two children ages two and four To date, you have accumulated $$22\mathrm{.}000$ toward this goal in an RESP. Should you die, your beneficiaries would receive a $$2,500$ death benefit lump$-$sum payment from the Canada Pension Plan. You also have $$32\mathrm{.}000$ in your company pension plan. Average funeral expenses are $$11,400.$ Your other financial assets are as follows:

Bank accounts

Term deposits $(3$ months$)$ TISA High Interest Savings.

Stock Investment account

RRSP

$ $2,0003,700$

$1,700$

$3,200$

$10,500$

Use the family need method to determine your life insurance needs. Dependents need $8$ years of income as living expense. Assume that there is a desire to have a $3$ month reserve based on their annual income. $($Omit the $"$S$"$ sign in your response.$)$

Additional life insurance needs