Your married colleague, BareBone, shared the following information with you: He is 37 years old this year. He and his wife have a daughter,...

Your married colleague, BareBone, shared the following information with you: 

He is 37 years old this year. He and his wife have a daughter, LittleBone, who is 12 years old. BareBone wants to provide for the family for the next 10 years until LittleBone is 22 years old and has completed her university education. He estimates that the income needed for the family is $70,000 and LittleBone's university education is $42,000. He also wants to provide a total amount of $180,000 as retirement income for his wife and he estimates that the family will need a miscellaneous total amount of $25,000. 

BareBone has savings of $35,000 and shares worth $78,000. His assets also include an existing life insurance policy of $50,000. 

c) What is the additional amount of life insurance that BareBone needs?                                                     (6 marks)