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Last year, Gandalf purchased an annuity for $162,000. The annuity is to pay Gandalf $10,000 per year for life after he reaches age 65. Gandalf

Last year, Gandalf purchased an annuity for $162,000. The annuity is to pay Gandalf $10,000 per year for life after he reaches age 65. Gandalf turned 65 in 2019, at which time his life expectancy was 20 years.

What is the exclusion ratio?

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