$4-29.$ A young professional is $20$ years old and is thinking about buying a term life insurance policy. The quoted annual premium is $$8\mathrm{.}48$ per thousand dollars of insurance coverage. Because this person wants a $$100,000$ policy, the annual premium would be $$848,$ with the first payment due immediately $($i$.$e$.,$ at age $21).$

A friend suggests that the $$848$ annual premium should be deposited in a good mutual fund rather than in the insurance policy. $"$If the mutual fund earns $10\%$ per year, you can become a millionaire by the time you retire at age $65,$ the friend advises. Is the friend's statement true?