Question: Use the human life value approach to determine how much life insurance your cousin, age 55, needs. Your cousins average annual earnings over the next

Use the human life value approach to determine how much life insurance your cousin, age 55, needs. Your cousins average annual earnings over the next 18 years will be $40,000. Of this amount, $20,000 is available annually for the support of his family. He will generate this income for 18 more years and he believes that 7 percent is the appropriate interest (discount) rate. What is his human life value? Explain

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