Present value. Standard Insurance is developing a long-Lfe insurance poicy for people whe outive their retirement nest og9. The policy will pay aut $280,000 on your asth birchay. You must buy the policy on your 65 th birthday. The insurance company can earn $% on the purchase pnice of your poloy. What is the minimum purchase price the inaurance company sheuld charge for that poligy? What is the minimum purchase price the insurance company should charge for this policy? (Round to the nearest cent)