Carol had a nonqualified fixed annuity in which she had invested a total of $40,000. This contract was purchased in 1997 and has a current value of $93,000. Michael is the sole beneficiary. He decided to take the life income option on this portion of his inheritance to help out with the entertainment section of the budget. Michael's life expectancy is 35 years, and he is to receive $500 per month for the rest of his life. How much of this monthly distribution is taxable