Joetta Hernandez is a single parent with two children and earns 559 800 a year Her employer's group life insurance policy would pay 25 times her salary She also has 579,733 saved in a 401(k) plan $6,644 in mutual funds, and a $3.987 certificate 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 outstanding mortgage, as the children would live with her sister in the event of Joetta's death Assuming she can receive a 4 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 information would you need to know to use the needs approach to calculate Joetta's Insurance coverage? Click on the table icon to view the PVIFA table Assuming she can receive a 4 percent after-tax after-inflation return on insurance proceeds and using the earnings multiple method Joetta's insurance need is $ (Round to the nearest dollar) How much more insurance does Joetta need to buy? What other information would you need know to use the needs approach to calculate Joella's insurance coverage? (Select the best choice below) O A. Joetta needs to buy S641.511 of insurance Since Joetta is a single parent some needs included in the needs approach method are not relevant to use this method Joetta would need specific information on projected amounts for cleanup funds debt elimination funds excluding the mortgage, educational expenses for the children and the availability of Social Security to assist with dependency expenses Joetta can also consider the effect of existing assets to reduce the amount of insurance needed O B. Joetta needs to buy 5342.511 of insurance Since Joetta is a single parent some needs included in the needs approach method are not relevant To use this method Joetta would need specific Information on projected amounts for cleanup funds debi elimination funds excluding the mortgage educational expenses for the children and the availability of Social Security to assist with dependency expenses Joetta can also consider the effect of existing assets to reduce the amount of insurance needed PuntValud AutoSPE n 13 . 1 Do 01980 0.21 0.96 0.92 0.040 DO 92 0.9120.909 2 1976 1942 1.90 1.886 199 1.000 1.000 1.7693 292884 2.029 2.776 2.722 2.0 2.624 2.577 2.212407 43.80233 803 3.717 3.630 1.646 1 465 2.107 2.12 2.240 2.170 548524713 4.680 4.462 4.3729 4212 4.100 2992 2.890 21.791 G 6.795 6601 547 5242 5. OTG 4.917 4.767 4.62 4.4864.253 26.728 642 6.230 G.002 5.7965.692 6.399 6 206 5.0994.869 BT652 7 3257 020 6.723 6.462 6.210 5.971 5.747 5.525 5.22 3.566 8. 162 1.736 1 435 7 108 6.802 6.515 6 247 5.9955.759 0 9471 8.933 8.530 8.111 7 722 7 360 7.024 6.710 6.4196. 145 DD.368 9.787 92531 8.760 8.306) 7.8977499 129 6.905 G 4935 1211255 10:575 9.954) 9 385 3863 8.38437.943 7.5367 1616.914 312-134 133910.635 99939 394 8.8533359 79047877. 103 1 004 1210B9610.562999919 295 3. TIB245785736771 1513.865 12.849 138 111810.3809712 9. 108 3.559 1.06112 BE 1614.71813578112 561 11652 10 3010692447 951 3.312 3:24 05562129201662 16611270 TO 477 $ 769132814400 16.398 14 2154039 11.8900 B2310.0599.372 87503.2011 19122015678 08501159103339641 3950135 2018.046 16 350 1490 1590 12 62101170105949938 919 514 213.8571170111541502912 517541083 10.09.09 220905017658 157 15.12.0121061 10 201 2025 220 45 13 22 16 444 1435713489|12303111220 379 58013 893 24212313.96 16.036 247 13.799|123560069 10,529 9 ore 985 25 22 023 195731741915 622 14 094|127311210 615 99239077 2025 20222 3951960011722|15237 12 2011 2010 2011 40222 27 35523 179317159|| 01312|11.925/10757979 16029 1903 424 25130311182| 18 2015115219 500 12 12/10 063 2015