Using the chain ratio method, estimate the market potential for life insurance in the military (active duty and veterans) market for a country. Assume that there are 21,000,000 veterans. Additionally, the number of active duty personnel is 1,779,873.
The percentage of the population that has life insurance is 62%.
Also assume the average price for a for life insurance is $2,000 and veterans and active duty personnel will purchase only one life insurance policy.
The number of buyers in the market can be estimated as:
(Round to the nearest whole number.)
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