Tucker Jones is a 42 year-old computer programmer, husband and father of four. He wants to use the capital retention approach to determine how much life insurance he should purchase. Because of his $105,000 salary and their four children, his wife does not work outside the home. The family’s current annual living expenses are approximately $75,000, including $8,000 in annual IRA contributions. He prefers to use the human life value approach when estimating his insurance need; he also wants to consider the possible reduction in expenses and apply a 70% replacement ratio to the calculation. Calculate Tucker's insurance need using the human life value approach using an after-tax discount rate of 5.5%, a remaining working life of 25 years, and assume end of period payment of benefits. For simplicity, assume an income need of $73,500.