Amount of Insurance Needed. Peter is married and has two children. Ho wants to be sure that ho has sufficient life insurance to take care of his family if he dies. Peter's wife is a homernaker but attonds colloge part-time pursuing a law degreo, It will cost approximately 542,500 for her fo finish her oducation. Because the children are feenagers, Peter feels he wil only need to provide the farmily with incorne for the noxd ten years. He further caiculates that the housahold expenses run approximalely $50.800 por yex excluding the mortgage payments. The balance on tho home mortgage is $140,000. Potor sot up a colloge fund for his chiliden when they were babies, and currenty contains sufficient funds for then to attend college. Astuming that Peter's wife can invest the insurance proceeds at 6%, caiculate the amount of insurance Poter noeds to purchase. The amount of le insurance Poter would need to purchase is (Round to the nearest dollar)