20. Bernice is the beneficiary of a $50,000 ncominsurance policy on her father's life. If she eceiveermivheartgropsdoredman installments from the insurance company that carries the policy, she will earn only five-percent interest per year, receiving $10,500 per year for five years. Bernice decides to take the $50,000 in a lump- sum payment and invest the funds herself. Of the $50,000 received: All $50,000 is tax-free All $50,000 is taxable income. $500 is interest income for each year. The first $25,000 is taxable