Marco Is 45 Years Old and Earns $65,000 Annually

Short Answer

Marco is 45 years old and earns $65,000 annually.The multiple earnings approach to determine the amount of life insurance needed shows that he should have 6.0 times his annual earnings.An assessment shows total financial resources needed of $2,148,000 and total financial resources available of $1,848,000.Based on the needs analysis method,how much insurance should Marco have? (Show all work.)