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