Tim and tammy are updating their financial plan and are concerned that they might not have enough life insurance coverage for their family, which includes two children, ages 4 and 10. they have determined that their annual income is $56,000 and their net worth is now $150,000. what is the amount of life insurance they should carry using the easy method? multiple choice $599,200 $274,400 $560,000 $392,000 $56,000

$274,400

Explanation:

Data provided in the question:

Annual income of Tim and Tammy = $56,000

Net worth of Tim and Tammy = $150,000

Now,

Using the easy method

Step 1;

Multiply the annual gross income by 70%

⇒ $56,000 × 0.70

⇒ $39,200

Step 2 :

Multiply the above result with 7

⇒ $39,200 × 7

⇒ $274,400

therefore,

we get the amount of life insurance as $274,400

the correct answer is - no.

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answer; ///blank(1) longer; blank(2); lessi believe this is correct, plz check first; good luck';