Standard Insurance is developing a long-life insurance policy for people who outlive their retirement nest...

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Standard Insurance is developing a long-life insurance policy for people who outlive their retirement nest egg. The policy will pay out $240 comma 000240,000 on your 82 nd82nd birthday. You must buy the policy on your 65 th65th birthday. The insurance company can earn 55% on the purchase price of your policy. What is the minimum purchase price the insurance company should charge for this policy?
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Part 1
What is the minimum purchase price the insurance company should charge for this policy?

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