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Paul and Mary have a joint-life annuity with a life-annuity (no refund) pay-out option. They receive monthly payments of $500. When would these payments stop?

Paul and Mary have a joint-life annuity with a life-annuity (no refund) pay-out option. They receive monthly payments of $500. When would these payments stop?

Select one:

a. When either Paul or Mary die

b. When both Paul and Mary die

c. When Paul dies

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