Just part a. Keep in mind it's 13 marks.

7 Open ended question (23 Marks) Martin is a graphic designer who has recently started his own practice and earns $90,000. His wife, Eliza, works part-time as a nurse and earns $35,000. Martin is aged 45 and Eliza is 41. Martin has an accumulated superannuateon fund, which has a balance of $200,000. Eliza also has a personal superannuateon account, which will provide her with sufficient funding once she can access it at age 65. Martin currently has a life insurance policy for a lump sum of $250,000 with Eliza named as the beneficiary. Eliza does not have any life insurance cover. Assume life expectancy for both Martin and Eliza is 86. They have four children: Margret, aged 5, Patrick, aged 7, Jenny, aged 10, and Percy, aged 12. Martin and Eliza wish for all their children to receive a university education. To provide for this, they estimate that $250,000 should be set aside. The children would be dependents until they turn 25. The family's basic living expenses are $4,000 per month. In addition, for each family member (including parents), this will increase by $1,200 per person. They have a mortgage of $250,000 on their home, which has a current market value of $500,000. Credit cards, personal loans and other outstanding debts amount to $25,000. Martin has a 2019 model car, which is leased and has $32,000 outstanding on it at present. Eliza has a 2014 model van so that she can transport the children to school and their other activities. Her van is valued at $12,000 and is fully paid for. Expenses including funeral, legal and medical are expected to amount to $18,000. Additionally, they believe they need emergency funds of $30,000. Required: a) How much is the appropriate amount of life insurance cover required to provide for the family's future needs in the event of Martin's death? (13 marks) b) If the investment rate is 4%