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Using the Multiple of Income Method to estimate life insurance needs, what is the minimum amount of insurance needed for Susan Smith if her annual income is $60,000

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abiolataiwo2015

The minimum amount of insurance needed for Susan Smith if her annual income is $60,000 is: $300,000.

Multiple of Income Method

Using this formula

Low=Current income x 5

Where:

Current income=$60,000

Let plug in the formula

Low=$60,000 x 5

Low= $300,000

Therefore the minimum amount of insurance needed for Susan Smith if her annual income is $60,000 is: $300,000.

Learn more about Multiple of Income here:https://brainly.com/question/25740123

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