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Mike is 5 0 years and has as variable annuity worth $ 4 0 0 , 0 0 0 between contributions and earnings. He has
Mike is years and has as variable annuity worth $ between contributions and earnings. He has run into a bit of difficulty lately and has maxed out his credit cards. If he makes a withdrawal from his annuity to pay off his credit card bills, which of the following is true? A He will incur no penalty B He will be penalized of his account value C He will penalized for of the earnings portion of the withdrawal D Mike would not be allowed to withdraw any money from his annuity because it is in the accumulation phase
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