Jake is a young executive with a pharmaceutical firm. He earns $125,000 per year, and expects his income to increase at a rate of 4% over his career. Jake estimates that he consumes 20% of his salary personally, that his combined federal and state income tax bracket is 28%, and that inflation will average 3% over his career. The riskless rate of return is 5.184%. Using the Capitalized Earnings Approach to calculating life insurance needs, how much life insurance should Jake purchase