Troy Stroree wants to buy an insurance for his family, but he does not know how much he must sign for, for his family to maintain a good standard of living. His monthly income is $78,512. The funeral expenses would be $80,000. His spouse and him have a mortgage of $205,062, a car loan for $222,970, credit cards that have a balance of $78,945. He has other debts of $8,645. Troy has 2 children, one is 13 and the other 8 years old. What is the life insurance requirement by the DINK method? (answer in money, do not put the sign $, 2 decimal places)
