3 Joetta Hernandez is a single parent with two children and earns $53,700 a year. Her employer's group life insurance policy will pay 2.5 times her salary. She also has $71,600 saved in a 401(k) plan, $5,967 in mutual funds, and a $3,580 cer- tificate of deposit. She wants to purchase term life insurance for 15 years, until her youngest child is self-supporting. She is not concerned about her outstand- ing mortgage, as the children would live with her sister in the event of Joetta's death. Assuming she can receive a 3 percent after-tax, after-inflation return on insurance proceeds, use the earnings multiple method to calculate her insurance need. How much more insurance does Joetta need to buy? What other informa- tion would you need to know to use the needs approach to calculate Joetta's insurance coverage