Nellie purchased an annuity contract 12 years ago for ($225,000) that will pay her ($2,500) per month

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Nellie purchased an annuity contract 12 years ago for \($225,000\) that will pay her \($2,500\) per month when she turns age 68 for the rest of her life. She received her first annuity payment in June of the current tax year. How much of the annuity payments must Nellie include in income this year?

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