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Fran purchased an annuity that provides $11,400 quarterly payments for the next 10 years. The annuity was purchased at a cost of $171,000. How much

Fran purchased an annuity that provides $11,400 quarterly payments for the next 10 years. The annuity was purchased at a cost of $171,000. How much of the first quarterly payment will Fran include in her gross income?

Multiple Choice

$4,275
$19,500
$11,400
$7,125
None of the choices are correct

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