Michigan is considering raising the speed limit on I-94 to 75 mph. Assume that this change will lead to the loss of an additional three lives per year. Also assume that the average person lost was 30 years old and had 36 years of work left, working at $70,000 per year; that would be this year and the next 35 years. (For convenience, we will assume that these earnings are constant in real terms over the years.) Using the discounted future earnings approach, determine the cost of lives lost per year if we should raise this speed limit. Assume the discount rate equals 3%.