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4. Fifteen years ago, Mr. F paid $50,000 using after-tax dollars for a single-premium annuity contract. This year he began receiving a $500 monthly payment

4. Fifteen years ago, Mr. F paid $50,000 using after-tax dollars for a single-premium annuity contract. This year he began receiving a $500 monthly payment that will continue for his life. Based on his age, he can expect to receive $112,000. How much of each monthly payment is taxable income to Mr. F?

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