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Frank is a consultant who earns $72,000 annually. His spouse,Julie is a homemaker, and they have one child, Betty. Frank iscovered by $200,000 life insurance policy. The couple assumes anaverage annual inflation rate of 3%. How would you design afinancial plan for them regarding how much life insurance theyshould have? NOTE no mortgage is assumed.Frank and Julie have set the following goals andassumptions:a. Income need (re-adjustment period 1 year) $72,000 yearb. Income need—dependency period $42,000 yearc. Income needed—empty nest period $36,000 yeard. Estate expenses and debts $15,000e. Education funding (today’s dollars) $180,000 (4 years)f. Emergency fund $15,000g. Investment assets (cash/cash equivalents) $100,000h. Julie’s life expectancy 85 yearsi. Discount rate 6%