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(b) Mike is contemplating on how much life insurance he needs to buy. He expects to receive $60,000 annually for the next 10 years, of

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(b) Mike is contemplating on how much life insurance he needs to buy. He expects to receive $60,000 annually for the next 10 years, of which $30,000 is available to support his family annually. Assuming 8 percent interest rate, what is Mike's human life value? (10 marks)

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