You and your spouse are in good health and have reasonably secure careers.

| March 31, 2017

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Question 1(2 points)

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You and your spouse are in good health and have reasonably secure careers. Each of you makes about $28800 annually. You own a home with an $89800 mortgage, and you owe $18800 on car loans, $6100 in personal debts and $4200 on credit card loans. You have no other debts. You have no plans to increase the size of your family in the near future. Average funeral expenses for the area are $8600.

Estimate your total insurance needs using the DINK method.

(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)

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Question 2(2 points)

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Mark and Parveen are the parents of three young children. Mark is a store manager in a local supermarket. His gross salary is $84400 per year. Parveen is a full-time stay-at-home mom.

Use the easy method to estimate the family’s life insurance needs.

(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)

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Question 3(2 points)

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Assume you are in the 15 percent tax bracket and purchase a 5.6 percent municipal bond.

Calculate the taxable equivalent yield for this investment.

Convert your answer to a percent, then round to 2 decimal places (i.e. 1.25 2.44, 0.09, 12.44).

Do not include the “%” sign in your response.

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Question 4(2 points)

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Assume that three years ago you purchased a corporate bond that pays 9.0 percent. The purchase price was $1070.

What is the annual dollar amount of interest that you receive from your bond investment?

(Round your answer to the nearest whole dollar amount. Do not include the comma, period, and “$” sign in your response.)

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Question 5(2 points)

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Determine the current yield on a corporate bond investment that has a face value of $1160, pays 8 percent, and has a current price of $1300.

Convert your answer to a percent, then round to 1 decimal place (i.e. 1.3 2.4). Do not include the “%” sign in your response.

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