Amount of Insurance Needed. Peter is married and has two children He wants to be sure that he has sufficient life insurance to take care of his family if he dies Peter's wife is a homemaker but attends college part-time pursuing a law degree. It will cost approximately $47.500 for her to finish her education. Because the children are toenagers, Peter feels he will only need to provide the family with income for the next ten years. He further calculates that the household expenses run approximately $59.500 per year excluding the mortgage payments. The balance on the home mortgage is $120,000. 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 9% calculate the amount of insurance Peter needs to purchase The amount of lite insurance Pater would need to purchase is $] [Round to the nearest dollar)