3.) Kelly, age 35, is a single parent and has a one-year old son. She earns $45,000 annually as a marketing analyst. Her employer provides group life insurance in the amount of twice the employee's salary. Kelly also participates in her employer's 401(k) plan. She has the following financial needs and objectives. . . . Funeral costs and uninsured medical bills Income support for her son Pay off mortgage on home Pay off car loan and credit card debts College education fund for son $10,000 $2,000 monthly for 17 years 150,000 15,000 150,000 . . Kelly has the following financial assets: . . Checking account IRA account 401(k) plan Individual life insurance Group life insurance $2,000 8,000 25,000 25,000 90,000 . . a. Ignoring the availability of Social Security survivor benefits, how much additional life insurance, if any, should Kelly purchase to meet her financial goals based on the needs approach? (Assume that the rate of return earned on the policy is equal to the rate of inflation.) b. How much additional life insurance, if any, is needed if estimated Social Security survivor benefits in the amount of $800 monthly are payable until her son attains age 18? 3.) Kelly, age 35, is a single parent and has a one-year old son. She earns $45,000 annually as a marketing analyst. Her employer provides group life insurance in the amount of twice the employee's salary. Kelly also participates in her employer's 401(k) plan. She has the following financial needs and objectives. . . . Funeral costs and uninsured medical bills Income support for her son Pay off mortgage on home Pay off car loan and credit card debts College education fund for son $10,000 $2,000 monthly for 17 years 150,000 15,000 150,000 . . Kelly has the following financial assets: . . Checking account IRA account 401(k) plan Individual life insurance Group life insurance $2,000 8,000 25,000 25,000 90,000 . . a. Ignoring the availability of Social Security survivor benefits, how much additional life insurance, if any, should Kelly purchase to meet her financial goals based on the needs approach? (Assume that the rate of return earned on the policy is equal to the rate of inflation.) b. How much additional life insurance, if any, is needed if estimated Social Security survivor benefits in the amount of $800 monthly are payable until her son attains age 18