3. Al Unse r is a 46-year old employee of Racecars, Inc. Racecars covers all employees under a group-term life insurance policy equal to their annual salary. Al's annual salary is equal to $200,000. What amount, if any, must Al include in his annual inco William Prince purchased a joint and last survivor annuity for $107,346. It will pay $550 per month as long as both he and Kate are alive. When Will passes away, the payments will drop to $450 per month. William is 70 and Kate is 65. How much of the first $550 payment must they include in income? 4