Question: Using the Human Life Value method, how much life insurance should you purchase if you take into account 3% annual inflation over the next 45

Using the "Human Life Value" method, how much life insurance should you purchase if you take into account 3% annual inflation over the next 45 years until retirement, an annual income of $61,500 received at the start of each years, and a time value of money of 7%? (Assume 100% income replacement and a marginal tax rate of 15%) Please do NOT use a spreadsheet or Excel to find this answer. Please use the "Human Life Value" method and show the workings step by step. Thank you!

Answer choices:

A. $1,545,823

B. $1,236,658

C. $1,588,939

D. $1,272,027

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