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Paolo is age 77. He paid $240,000 for a single life annuity contract that will pay him $43,200 per year for life. The tax-free amount

Paolo is age 77. He paid $240,000 for a single life annuity contract that will pay him $43,200 per year for life. The tax-free amount of the first $43,200 payment is:

- $11,321

- $19,835

- $21,771

- $21,429

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