Present value. Standard Insurance is developing a long-life insurance policy for people who outlive their retirement nest egg. The policy will pay out $280,000 on your 82 nd bithday You must buy the policy on your 62 nd birthday. The insurance company can earn 75% on the purchase price of your policy What is the minimum purchase price the insurance company should charge for this policy? What is the minimum purchase price the insurance company should charge for this policy? (Round to the nearest cent)