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5. Suppose you want to purchase a life insurance policy; the policy has a maximum death benefit of $500,000. If you are 22 years old

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5. Suppose you want to purchase a life insurance policy; the policy has a maximum death benefit of $500,000. If you are 22 years old now and you know the average life expectancy in Canada is 80. Assuming a discount rate of 7.5%, how much is the policy worth today? What is the policy worth to your family if you pass away at age 65 instead

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