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Fran purchased an annuity that provides $10,600 quarterly payments for the next 10 years. The annuity was purchased at a cost of $265,000. How much

Fran purchased an annuity that provides $10,600 quarterly payments for the next 10 years. The annuity was purchased at a cost of $265,000. How much of the first quarterly payment will Fran include in her gross income? Multiple Choice $6,625 $3,975 $10,600 $28,900. None of the choices are correct

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