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? (Round Exclusion ratio to 5 decimal places and intermediate calculations to the nearest whole dollar amount.)