Harry Singh wants to buy life insurance. As his agent, you determine the following information about his finances. Currently he faces the following situation: Assets: Investments $200,000 Cash and cash equivalents $100,000 Total Assets $300,000 Final Expenses: Funeral cost $15,000 Loans, credit cards, etc. $60,000 Taxes on death (estimated) $100,000 Mortgage (on home and cottage) $290,000 Total Final Expenses $465,000 He would like to pass on the home and cottage to his only son, Ron, after he and his spouse are both dead. In addition, he reckons that he would have to leave $20,000 per year for his family to meet their ongoing income need, should he die. Assuming his capital will earn an interest of 5%, how much insurance will Harry need to purchase, using the capital-retention approach?