Hector, age 40, would like to determine how much life insurance to purchase using the human life value approach. He plans to retire at 67 and assumes his average annual working eamings is $80,000. Of...

Extracted text: Hector, age 40, would like to determine how much life insurance to purchase using the human life value approach. He plans to retire at 67 and assumes his average annual working eamings is $80,000. Of the working earning, 60% will be consumed and 40% is available for the support of his family Using interest rate of 4%, what is his human life value, round to nearest cents?