Jackie Jonee is beneficiary of a $70,000 insurance policy on her father's life. Upon his death, she elects to receive the proceeds in installments from the insurance company that carries the policy. She will receive $16,000 per year for five years. What are the tax consequences each year? Select one: $2,000 of the $16,000 payment is taxable each year. O b. There is no taxable income. All $16.000 each year is taxable. O d. $10,000 interest is taxable in the first year