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Armando, age 35, starts contributing $10,000 at the end of each year to a fixed annuity that earns 4.5% interest. Armando wants to stop working

Armando, age 35, starts contributing $10,000 at the end of each year to a fixed annuity that earns 4.5% interest. Armando wants to stop working at age 65.

If he contributes $10,000 each year into the annuity, what will Armando's exclusion ratio be?

Answer with a positive % and round to the nearest hundredth. (Example: 0.2034 = 20.34%)

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