Jacob's current age is 72. He received $48,000 from an annuity during the current year. He started drawing on the annuity when he was 69 years old. Jacob had invested $400,000 in the annuity instrument when he was 50 years old. What amount of his proceeds from the annuity contract is taxable this year? Answers: $24,192 $20,640 $23,808 $48,000