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sergeinik [125]
3 years ago
11

Tim and Tammy are updating their financial plan and are concerned that they might not have enough life insurance coverage for th

eir family, which includes two children, ages 4 and 10. They have determined that their annual income is $56,000 and their net worth is now $150,000. What is the amount of life insurance they should carry using the easy method? Multiple Choice $599,200 $274,400 $560,000 $392,000 $56,000
Business
1 answer:
julsineya [31]3 years ago
8 0

Answer:

$274,400

Explanation:

Data provided in the question:

Annual income of Tim and Tammy = $56,000

Net worth of Tim and Tammy = $150,000

Now,

Using the easy method

Step 1;

Multiply the annual gross income by 70%

⇒ $56,000 × 0.70

⇒ $39,200

Step 2 :

Multiply the above result with 7

⇒ $39,200 × 7

⇒ $274,400

therefore,

we get the amount of life insurance as $274,400

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