Question 6 (5 points) Which of the following statements about inflation-adjusted annuities is true? the annual cost-of-living adjustment (COLA) is usually a specified percentage the primary purpose of a cost-of-living adjustment is to reduce the premium paid by the annuitant per dollar of monthly benefit as a general rule, cost-of-living adjustments are more appropriate for those who purchase the annuity at older ages (e.g.. 70 or older) 1: the initial monthly payments under an inflation-adjusted annuity are typically higher than those for a traditional fixed annuity