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Mike, age 64, is married, with 3 children in school. He estimates that his average...

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Accounting

Mike, age 64, is married, with 3 children in school. He estimates that his average annual earnings over the next 26 years will be $81,456. He estimates that 12% of his average annual earnings will be used to pay taxes, 3% for insurance premiums, and 7% to cover the costs of self-maintenance. The remainder will be used to support his family. Mike wants to calculate his human life value and believes a 8 percent discount rate is appropriate. Calculate Mikes human life value. Write the calculated result in the box simply without a dollar sign, comma, decimal points, etc. Example 777423

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