Frank, who is married and the father of one, is 37 years old and expects to continue to work until age 65. He earns $129,000 per year and expects annual salary increases of 3%. Frank expects inflation to be 3% over his working life, and the appropriate risk-free discount rate is 7%. His personal consumption is equal to 26% of his after-tax earnings, and his combined federal and state marginal tax bracket is 30%. Calculate the life insurance coverage needed according to the Human Life Value Method.