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Gramps purchased a joint survivor annuity that pays $500 monthly over his remaining life and that of his wife, Gram. Gramps is 70 years old and Gram is 65 years old. Gramps paid $97,020 for the contract. How much income will Gramps recognize on the first payment? This joint survivor annuity has an annual return multiple of 23.1 from Table VI in Reg. Sec 1.72-9