You have heard the phrase $...$Buy Term Life Insurance and invest the difference...$$ Using the Whole Life Insurance data found in Exhibit $12-6$ page $426$ of the textbook, see if this would be a smart move. The data you see on page $426$ applies to a Male Age $37.$

Current Age: $37($Male$)$

Coverage: $$10,000($both Whole Life and Term$)$

Annual Premiums $($based on some actual comparative data$)$:

Whole Life: $$229\mathrm{.}50($No Additional Coverage$)$

Term: $$45\mathrm{.}50($No Additional Coverage$)$

Compare: Given $5\%$ after$-$tax annual return on $$investing the difference$$ at end of each year to Age $65(28$ years$).$ You must use the dinkytown.net Links to an external site. $$Future Value Calculator.$$ Remember to $$Reset to Defaults.$$

Answers appear as Future Value of "Whole Life Cash Value" then Future Value of "Buy Term and Invest the Difference."

Group of answer choices

$$10,746,$ $$5,504.$

$$5,504,$ $$10,746.$

$$5,504,$ $$7,860.$

$$184,$ $$10,000$