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A taxpayer, age 64, purchases an annuity from an insurance company for $60,000. She is to receive $500 per month for life. Her life expectancy
A taxpayer, age 64, purchases an annuity from an insurance company for $60,000. She is to receive $500 per month for life. Her life expectancy is 20.8 years from the annuity starting date. Assuming that she receives $6,000 this year, how much is included in her gross income?
Round any percentages to two decimal places. Round the final answer for the income to the nearest dollar.
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