Tara and Ronan O'Connell are interested in obtaining life insurance to pay for the tax liability on their estate. Since they are in good health, they anticipate that they will live for another 25 years. They estimate that the . taxable amount of their registered and non - registered assets will be $ 550 , 000 and their marginal tax rate will be 50 % at that time. Their insurance broker gave them a quote of $ 5 , 000 per year for a $ 275 , 000 Term - 100 life insurance policy payable as joint life, last - to - die. Assume a discount rate of 6 % . 

Round your answer to two decimal places. What is the present value of the O'Connell's income tax on their investments?