Fifteen years ago, Lenny purchased an insurance policy on his own life. The policy provides a $3 million death benefit. Lenny has paid $682,000 of premiums, and the cash surrender value of the policy is $725,000. He plans to liquidate the policy to generate cash for his business. If Lennys marginal tax rate is 35%, how much aftertax cash will the liquidation generate? A $725,000 B $734,950 C $682,000 D $471,250

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