Chris and Christina, both age 39, have two children: Steven, and Stephanie, 9. Both Chris and Christina are engineers whose work has them frequently at construction sites. They wish to purchase life insurance, but they don't know how much they need. Using the following information, calculate their required amount of lite insurance using the income approach:

They want to have enough insurance so that their children can finish university should either Chris or Christina dies.
The children will finish university in about 15 years.
Use a real rate of interest of 3%.
Chris makes $120,000 a year with take-home pay of $83,800 with an average tax rate of 27.4%.
Christina makes $115,000 a year with take-home pay of $81,000 with an average tax rate of 26.7%.
They have the same marginal tax rate of 37.0%.
 They have insurance coverage at work that will pay them twice their gross annual salary if they die.