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2. On September 23, 2018, Mary Jones bought an annuity contract for $22,050 that will give her $125 a month for life, beginning October 30.

2. On September 23, 2018, Mary Jones bought an annuity contract for $22,050 that will give her $125 a month for life, beginning October 30. Mary is 61 years old. Determine the exclusion ratio and the amount of the annuity to be included in Mary Joness 2018 gross income.

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