3. Kelly, age 35, is a single parent and has a one-year-old son. She earns $45,000 annually as a marketing ana- lyst. 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 $ 10,000 Income support for her son $2,000 monthly for 17 years Pay off mortgage on home 150,000 Pay off car loan and credit card debts 15,000 College education fund for son 150,000 Kelly has the following financial assets: Checking account $ 2,000 IRA account 8,000 # 401(k) plan 25,000 Individual life insurance 25,000 Group life insurance 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 proceeds is equal to the rate of inflation.) b. How much additional life insurance, if any, is needed if estimated Social Security survivor bene- fits in the amount of $800 monthly are payable until her son attains age 18