Fifteen years ago, Mr$.$ Fairhold paid $$50,000$ for a single$-$premium annuity contract. This year, he began receiving a $$1,300$ monthly

payment that will continue for his life. On the basis of his age, he can expect to receive $$312,000.$

Required:

How much of each monthly payment is taxable income to Mr$.$ Fairhold?

Note: Round Exclusion ratio to $5$ decimal places and intermediate calculations to the nearest whole dollar amount.

Taxable income