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Gramps purchased a joint survivor annuity that pays $1,150 monthly over his remaining life and that of his wife, Gram. Gramps is 70 years old

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Gramps purchased a joint survivor annuity that pays $1,150 monthly over his remaining life and that of his wife, Gram. Gramps is 70 years old and Gram is 65 years old. Gramps paid $191,268 for the contract. How much income will Gramps recognize on the first payment? Income recognized

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