Alphonso purchased an annuity contract for $60,000 from ACE Insurance on November 1 of the current year. He is to receive $1,500 per month starting December 1 of this year and continuing for life. He has a life expectancy of 5 years at the time the annuity is purchased. Alphonsos reportable annuity income for the current year is:

Group of answer choices

$ 500

$ 1,000

$ 1,500

$18,000