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Shelby is age 71 and has a great deal of difficulty living independently as she suffers from severe rheumatoid arthritis. She is covered by a $300,000 life insurance policy, and her children are named as her beneficiaries. Because of her health, Shelby decides to live in a nursing home, but she does not have enough income to pay her nursing home bills which are expected to total $56,000 per year. The insurance company offers disabled individuals the option of either a reduced settlement on their policies or an annuity, Given Shelby's age and health she has the option of receiving $3,800 per month or a lump sum payment of $220,000. To date, Shelby has paid $100,000 in premiums on the policy. Read the requirements Requirement a. How much income must Shelby report if she chooses the lump sum settlement? (Enter a "0" if none of the settlement is included in income.) If Shelby chooses the lump sum settlement, she must report income of Enter any number in the edit fields and then click Check Answer 0" if none of Shelby is age 71 and has a great deal of difficulty living independently as she suffers from severe rheumatoid arthritis. She is covered by a $300,000 life insurance policy, and her children are named as her beneficiaries. Because of her health, Shelby decides to live in a nursing home, but she does not have enough income to pay her nursing home bills which are expected to total $56,000 per year. The insurance company offers disabled individuals the option of either a reduced settlement on their policies or an annuity. Given Shelby's age and health she has the option of receiving $3,800 per month or a lump sum payment of $220,000. To date, Shelby has paid $100,000 in premiums on the policy. Read the real Requirements Requiremen the settlemer a. How much income must Shelby report if she chooses the lump sum If Shelby cha settlement? b. How much income must Shelby report if she elects the annuity? c. How much income would Shelby have to report if her nursing home bills amounted to only $40,000 per year? (Assume the year is 2019 and that the exclusion for periodic payments made to a chronically ill person is limited to the greater of $370 per day or the actual cost of such care.) Enter any nu Print Done 2 parts remaining