Finance question | Economics homework help

I need someone to help me find the answer to this problem.

Matt and Mallory Bach, both age 32, are married with two sons. Silas is 6 and Cash is 4. Matt is a real estate property manager earning \$60,000 per year. Mallory is a yoga instructor earning \$40,000 per year. Based on the following facts and ignoring inflation and investment returns, calculate Matt’s life insurance need using the family need method.

• The Rowes want to be able to replace 80% of income for the deceased spouse until the youngest child reaches age 18 .
• The Rowes estimate funeral costs and final expenses to be \$20,000 for either of their untimely deaths.
• The Rowes want to establish an education fund for each child in the amount of \$100,000.
• Matt estimates his wife would need half of his annual income as an additional resource to help her through a 6-month readjustment period.
• The Rowes would like an emergency fund equal to one year’s total family income.
• The Rowes are concerned about the stability of the Social Security system and want to ignore whatever amount Social Security would provide as a survivor benefit in determination of their life insurance needs.
• Matt’s employer provides group term life insurance in the amount of 2.5 times his salary.
• The Rowes’ current investments total \$45,000.
• The Rowes’ debts are as follows:
• Home mortgage balance: \$120,000
• Auto loan: \$15,000
• Credit card: \$3,000
• Mallory’s student loans: \$14,000
• Matt’s student loans: \$16,000