b. David, age 35. is married with a daughter studying in kindergarten. He envisages that his average annual earnings over the next 30 years will be $600,000. David further works out that one-third of his average annual earnings will be used to pay taxes, donations, insurance premiums and the costs of self-maintenance. The remainder of his earnings will be used to support his family. Using the human life value approach, calculate the amount of life insurance David to purchase. Assuming that David believes that a 5% discount rate is appropriate. Show all your calculations. 5 marks