Long-Life Insurance has developed a linear model that it uses to determine the amount of term life insurance a family of four should have, based on the current age of the head of the household. The equation is:

y = 160 -0.30x where y = Insurance needed ($000) x = Current age of head of household

b. Use the equation to determine the amount of term life insurance to recommend for a family of four if the head of the household is 50 years old. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Amount of term life insurance_______ $ thousands