Question: Define the human life value. Richard, age 4 5 , is married with two children in high school. He estimates that his average annual earnings

Define the human life value. Richard, age 45, is married with two children in high school. He estimates that his average annual earnings over the next 20 years will be $60,000. He estimates that one-third of his average annual earnings will be used to pay taxes, insurance premiums, and the costs of self-maintenance. The remainder will be used to support his family. Richard wants to calculate his human life value and believes a 6 percent discount rate is appropriate. Calculate Richard's human life value.

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