Amount of Insurance Needed. Peter is married and lus two children He wants to be sure that he has sufficient to insurance to take care of his famay it he does Peter's wife is a homemaker but attends college part time pursuing a law degree it will cont approximately $37,500 for her to fish her education Because the children are tog Peter fools he will only need to provide the family with income for the next ten years. He further calculates that the household expenses run approximately 552 200 per year excluding the mortgage payments. The balance on the home mortgages $150,000 Poter 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 irurance proceech at 9%, calculate 1. 1 the amount of insurance Peter needs to purchase The amount of the insurance Peter would need to purchase is $(Round to the nearest dollar) Amount of Insurance Needed. Peter is married and lus two children He wants to be sure that he has sufficient to insurance to take care of his famay it he does Peter's wife is a homemaker but attends college part time pursuing a law degree it will cont approximately $37,500 for her to fish her education Because the children are tog Peter fools he will only need to provide the family with income for the next ten years. He further calculates that the household expenses run approximately 552 200 per year excluding the mortgage payments. The balance on the home mortgages $150,000 Poter 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 irurance proceech at 9%, calculate 1. 1 the amount of insurance Peter needs to purchase The amount of the insurance Peter would need to purchase is $(Round to the nearest dollar)