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Mary purchased an annuity that pays her $500 per month for the rest of her life. She paid $70,000 for the annuity Based on IRS

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Mary purchased an annuity that pays her $500 per month for the rest of her life. She paid $70,000 for the annuity Based on IRS annuity tables, Mary's life expectancy is 16 years. How much of the 200 th $500 monthly payment will Mary include in her gross income? A. 50 B. $13542 C. $364.58 D. $500

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