Brad earns $50,000 per year as a manufacturer's rep and his wife,Nancy,earns $100,000 per year as an Oncologist.When they had children,Nancy left her practice to become a full-time mother.The family's expenses are $35,000 per year,which includes an amount being saved for the children's college education.Brad and Nancy have two children,ages 2 and 5.They receive an average return of 6 percent on their investments.Nancy has retained her active medical license and plans to return to work full-time when the children enter school.Using the budget method,how much life insurance should the family have in the event of Brad's death?
(a)$344,100
(b)$573,500
(c)$1,147,000
(d)Zero

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The Answer of Brad earns $50,000 per year as a manufacturer's rep and his wife,Nancy,earns $100,000 per year as an Oncologist.When they had children,Nancy left her practice to become a full-time mother.The family's expenses are $35,000 per year,which includes an amount being saved for the children's college education.Brad and Nancy have two children,ages 2 and 5.They receive an average return of 6 percent on their investments.Nancy has retained her active medical license and plans to return to work full-time when the children enter school.Using the budget method,how much life insurance should the family have in the event of Brad's death?
(a)$344,100
(b)$573,500
(c)$1,147,000
(d)Zero

Brad Earns $50,000 Per Year as a Manufacturer's Rep and His