using the 7/70 method, a person with a $100,000 annual income should purchase how much life insurance?
1 answer:
Answer: $490,000
Explanation:
you take the gross income (annual in this case) and first multiply it by 70%(0.70). Then multiply it again by 7.
$100,000 x 0.70 = 70,000
70,000 x 7 = $490,000
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