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Posted on Jul 14, 2024

Gramps purchased a joint survivor annuity that pays $1,350 monthly over his remaining life and that of his wife, Gram. Gramps is 70 years old

Gramps purchased a joint survivor annuity that pays $1,350 monthly over his remaining life and that of his wife, Gram. Gramps is 70 years old and Gram is 65 years old. Gramps paid $299,376 for the contract. How much income will Gramps recognize on the first payment?

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