Present value. Standard Insurance is developing a long-life insurance policy for people who outlive their retirement nest egg. The policy will pay out $220,000 on your 82nd birthday. You must buy the policy on your 60th birthday. The insurance company can earn 7% 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.)