When Renee was living, she and Luke each bought a life insurance policy at the birth of their first child. They used the multiple-of-earnings approach to determine how much life insurance to purchase. Renee used the following information to determine the size of the policy in the event of her premature death Renee's earnings--$50,000 assumed rate of inflation 4% number of years 25 Using appendix A4, what would the present value of Renee's life insurance policy need to be to provide a stream of payments equivalent to $50,000 (adjusted for inflation) per year for 25 years