Exhibit

$3$

$$indicates that $

$1$

$7$

$6$

$,$

$3$

$9$

$2$

$$will be accumulated after

$2$

$0$

$$years in the life insurance policy. Is this true?

$($

hint: if Studebaker were to make this investment, what would his debt position look like in year

$2$

$0$

$?$

$)$