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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 $250 comma 250,000 on

Standard Insurance is developing a long-life insurance policy for people who outlive their retirement nest egg. The policy will pay out $250 comma 250,000 on your 82nd birthday. You must buy the policy on your 62nd birthday. The insurance company can earn 55% 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?

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