Question: Using the Desired Income method, how much insurance would be needed if you want to provide your survisors with a real annual income of $55,000

Using the Desired Income method, how much insurance would be needed if you want to provide your survisors with a real annual income of $55,000 at the beginning of each year? (Assume a before-tax rate of return of 7%, a marginal tax rate of 22%, and annual inflation rate of 3% per year.)

Please explain and do not copy from Chegg. Otherwise i have to report the answer.

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