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Part $1$

The potential market represents all active duty military$$ members, all$$ veterans, and their families. Assume that according to the United States Department of$$ Defense, as of December$31,$ last year there were $1$ comma $361$ comma $597$ active duty personnel in all armed services. The veteran population totaled $21$ million last year. Assuming the average cost of life insurance is $$$$750$ per year and that potential customers purchase one policy per$$ year, use the chain ratio method to calculate the market potential for life insurance in the military market.

$$Hint: see the Market Potential and Sales Estimates section of Appendix $3$ Marketing by the Numbers in your textbook.

Part $2$

The number of buyers in the market can be estimated as

$$

$22,361,597.($Round to the nearest whole$$ number.$)$

Part $3$

The market demand is estimated as $$$

$$

$16\mathrm{.}77$ million. $($Round to the nearest whole$$ number.$)$