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.
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