Jane and Joe Each Earn $55 000 and Have Estimated

question 47

Multiple Choice

Jane and Joe each earn $55 000 and have estimated that over the next 20 years will need 60 percent of total income to manage debt,pay off the mortgage,and pay for children's postsecondary education.How much life insurance should they apply for? (Investment returns are 6 percent.)

• A)$587 000
• B)$1 320 000
• C)$843 000
• D)$757 000

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Definitions:

Sales Career

A professional path focused on the activity of selling products or services, often involving direct interaction with customers and meeting sales targets.

Self-Employed

Individuals who work for themselves, either as freelancers, entrepreneurs, or business owners, rather than for an employer.

Minimal Challenges

Minimal challenges refer to the smallest or least complex obstacles that might be faced in a situation or process.

Unchanging Job

A position or role in employment that remains constant over time without significant variation in duties or responsibilities.