Can someone help me understand HOW to calculate this? I'm getting my calculations all wrong & can't seem to find out why...

The John's family’s total living expenses are $63,000 a year. After the death of the insured, the total family income would be $55,000. How much life insurance is required to cover the dependents’ income shortfall, if the prevailing interest rate is 4%?

Please show me a calculation for this type of question. Thanks! I appreciate it!!

You may want to use a life insurance needs calculator to quickly and easily determine the needs for life insurance to provide the necessary money to replace the shortfall in income.

You can use a free life insurance calculator online. It only takes a few minutes to come up with an accurate amount of life insurance needed for a given financial situation.