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Jeffrey makes $235,000 a year and earns 9.2% on his money. He expects to work another 11 years. His wife will get $48,000 in pension benefits it he dies. How much life insurance does he need based on the income retention approach? O s1,700,000 O s645,660 $1,054,340 O $1.006,340

Jeffrey makes $235,000 a year and earns 9.2% on his money. He expects to work another 11 years. His wife will get $48,000 in pension benefits it he dies. How much life insurance does he need based on the income retention approach? O s1,700,000 O s645,660 $1,054,340 O $1.006,340

CONCEPTS IN FED.TAX.,2020-W/ACCESS
CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 20P: Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows...
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Jeffrey makes $235,000 a year and earns 9.2% on his money. He expects to work another 11 years. His wife will get $48,000 in pension benefits if he dies. How much life insurance does he need based on the income retention approach? $1,700,000 $645,660 O $1,054,340 $1,006,340
Transcribed Image Text:Jeffrey makes $235,000 a year and earns 9.2% on his money. He expects to work another 11 years. His wife will get $48,000 in pension benefits if he dies. How much life insurance does he need based on the income retention approach? $1,700,000 $645,660 O $1,054,340 $1,006,340
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