NO.PZ202301041000002304
问题如下：
Based on the data in Exhibits 1 and 2 and using the human life value method for determining life insurance needs, the additional amount of life insurance that Bradley should purchase is closest to:
选项：
A.
$1,701,345.
B.
$1,547,862.
C.
$1,951,345.
解释：
The additionalamount of life insurance Bradley should purchase using the human life valuemethod is calculated as follows. The calculations assume (1) Bradley works forexactly 15 years and (2) his family needs the proceeds of the life insuranceimmediately upon his death.
1 Calculate thepretax income needed to be replaced
2 Adjust thediscount rate to account for the projected growth rate of earnings and expenses
Discount rate: 4%
Projected annualsalary and expense increase for Bradley: 3%
Calculate theadjusted rate (i):
i = [(1 +Discount rate)/(1 + Growth rate)] – 1= [(1 + 0.04)/(1 + 0.03)] –1= (1.04/1.03) – 1= 1.0097 – 1= 0.0097 = 0.97%
3 Determine thetotal amount of life insurance needed by calculating the present value of anannuity due in advance
$139,063 ×PVAADV(15 years, 0.97%) = $1,951,345
[Inputs onfinancial calculator (HP-12C):
Mode: BEG; n: 15;i: 0.97; PMT: 139,063; FV: 0; calc PV]
4 Less Bradley’scurrent life insurance coverage (from Exhibit 1)
(250,000)
5 Additional lifeinsurance required for Bradley
$1,701,345
B is incorrect.The employer contribution to the defined-contribution retirement plan was notincluded in Step 1 of the calculation.
C is incorrect.The current $250,000 life insurance coverage was not deducted from thecalculation of the total life insurance needed.
human life value method是考虑死掉的人如果没死能创造的价值： 问题1：Annual family expenses attributable to Bradley这项费用（20,000），从他的收入中减去20,000再用作PMT来计算，此时N=15，也就是默认他的未来花费只花费15年，用这种方法计算现在的现值，意味着如果他死了是少创造了15年的工资，并且默认如果没死也只会花费15年的费用。但15年是他退休的年龄，事实上他可能活到超过退休年龄，也可能少于退休年龄，怎么能默认他如果没死也只能再活15年呢？准确的条件是否应该是直接给出Bradley未来花费的现值，单独计算收入的现值后再减去花费的现值？ 问题2：其中DC plan的值5% of annual income，为什么不是175,000交了5％养老金以后，剩下的95%再扣税30%，再剩下的才是他的工资收入？
