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The Total Debts of You and Your Spouse Include the Following

question 95

Multiple Choice

The total debts of you and your spouse include the following: mortgage, $180,000; auto loan, $10,000; credit card balance, $2,000; and other debts of $6,000. Further, you estimate that your funeral will cost $4,000. Your spouse expects to continue to work after your death. What is your life insurance need using the DINK method?


Definitions:

α

It represents the significance level in hypothesis testing, usually indicating the probability of rejecting a true null hypothesis or the type I error rate.

Margin of Error

The range of values below and above the sample statistic in a confidence interval, representing uncertainty in the estimate.

Population Mean

The average of all the values in a population.

α

The symbol commonly used to represent the level of significance in hypothesis testing, indicating the probability of wrongly rejecting the null hypothesis.

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