Joleene is a single parent with two children and earns $45,000 per year. She is purchasing term life insurance for 15 years until her youngest child is self supporting. Assuming her survivors can receive a 3% after-tax,
inflation return on insurance proceeds, use the earnings multiple approach to calculate the face value of Joleene's policy.
A) $33,445
B) $547,851
C) $397,548
D) $556,668
E) None of the above
Answer: C
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