Francesco's wife earns $14,250 per year. If Francesco dies, his family would require $88,200 to cover their living expenses. Some of the yearly expenses would be offset by $12,400 from stock dividends, but this is still not enough. How much insurance should Francesco have to cover the shortfall, given a 10.4% prevailing interest rate? (Round your answer to the nearest $1,000)
A) $328,000
B) $418,000
C) $592,000
D) $114,000
C
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