. Amount of Insurance Needed. Peter is married and has two children He wants to be sure that he has sufficient hfe insurance to take care of his family it heden Peter's wife is a homemaker but attends college part-time pursuing a law degree. It will cont approximately $37.500 for her to finisher education. Because the children are teenager, Peter fools he will only need to provide the family with income for the next ton years. He further calculates that the household expenses nun approximately 542,300 per your excluding the mortgage payments. The balance on the home mortgage is $145,000. Peter set up a college fund for his children when they were babies, and it currently contains sufficient funds for them to attend college. Assuming that Peter's wife can invest the insurance proceeds at 6%, calculate the amount of insurance Peter needs to purchase The amount of life insurance Peter would noed to purchase is s (Round to the nearest dollar)