26. Nick is receiving quarterly income payments from his variable annuity. At the time he annuitized, his contract's accumulated value was \( \$ 200,000 \), and the AIR was set at 5 percent. His first quarterly payment was \( \$ 3,600 \); his second quarterly payment was also \( \$ 3,600 \). Which of the following statements is true? (Search Chapter 4)