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 wite is a homemaker but attends college part-time puisuing a law degree. It will cost approximately 442,500 for her to finish her education. Becaise the chidren are teenagers, Peter feels he will only need to provide the family with income for the next ten years. He. further calculates that the household expenses fun approximately $46,300 per year excluding the mortgage payments. The balance on the home mortgage is $120,000. Peter sat up a college tund for his chidren When they were babies, and it currently contains sufficient funds for them to attend college. Assuming that Peters wife can invest the insuarance proceeds at 90 . calculate the amount of insurance Peter needs to purchase. The amount of life insurance Peter would need to purchase is 1 (Round to the nearest dollar.)