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30 October, 14:35

Suppose that a woman wants to buy a life insurance policy solely for the purpose of replacing her annual income. Specifically, she wants her family to receive a death benefit capable of generating $50,000 of income for the next ten years (at the end of each year). Keeping in mind the concept of present value and assuming an interest rate environment of 5%, she should probably buy a policy with approximately which of the following face values:

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  1. 30 October, 15:00
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    the answer is 385,000
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