Amount of Insurance Needed. Peter is married and has two children. He wants to be sure that he has suificient life insurance to take care of his family it he dins. Peter's wife ia homemaker but attends college part-lime pursuing a Law degree. It will cost approximately $50,000 for her to finish her education. Because the children are teenigers, Peter foels Will only need to provide the family with income for the next ten years. He further calculates that the household expenses run approximately 566,600 per year exdiding the mortiga payments. The balance on the home mortgage is $145,000. Peter set up a college fund for his chidren when they were babias, and it currently contains sufficient funds for then to attend college. Assuming that Peter's wife can invest the insurance proceeds at 7\%, calculate the armount of insurance Poter needs to purchase. The amount of life insurance Peter would need to purchase is 5 (Round to the nearest dollar)