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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 82nd

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 82nd birthday. You must buy the policy on your 65th birthday. The insurance company can earn 7.5% on the purchase price of your policy. What is the minimum purchase price the insurance company should charge for this policy?

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