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In July, Mary Jones bought an annuity contract for $22, 050 that will pay her $125/month for life, beginning Aug. 1. Mary is 61 years

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In July, Mary Jones bought an annuity contract for $22, 050 that will pay her $125/month for life, beginning Aug. 1. Mary is 61 years old. How much income should she report as taxable income for the year

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