Ana Maria's family would need $33,500 for annual living expenses if she should pass away. Her husband earns $15,100 per year and the family has additional yearly income of $12,000 from investments. If the prevailing interest rate is 13.3%, how much life insurance the nearest $1,000.) needed to cover the family's income shortfall? (Round your answer t O $2,000 O $48,000 O $138,000 O $192,000
Ana Maria's family would need $33,500 for annual living expenses if she should pass away. Her husband earns $15,100 per year and the family has additional yearly income of $12,000 from investments. If the prevailing interest rate is 13.3%, how much life insurance the nearest $1,000.) needed to cover the family's income shortfall? (Round your answer t O $2,000 O $48,000 O $138,000 O $192,000
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 8E
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Transcribed Image Text:Ana Maria's family would need $33,500 for annual living expenses if she should pass away. Her husband earns $15,100 per year and the family has additional yearly income of $12,000 from investments. If the prevailing interest rate is
13.3%, how much life insurance is needed to cover the family's income shortfall? (Round your answer to the nearest $1,000.)
O $2,000
O $48,000
O $138,000
O $192,000
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