Amount of Insurance Needed. Peter is marred and has two children. Ho wants to be sure that he has suflicent Jle insurance to take care of his family if he dies. Peter's wife is a homemaker but attendt college part-time pursuing a law degree It well cost approximately $47,500 for her to finah her education. Because the childreci are teenagers, Peter feels he will only need to provide the mortgage is $125,000. Peter set up a college fund for his children when they were babies, and it currenty contains suffeient funds for them to attend college. Aswuming that Peters wife can invest the insurance proceeds at 9 s, calculate the amount of insurance Peter reeds to purchase. The amount of ife insurance Peter would need to purchase is: (Round to the nearest dolar)