Required information [The following information applies to the questions displayed below.] Larry purchased an annuity from an insurance company that promises to pay him $5,500 per month for the rest of his life. Larry paid $529,980 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $5,500 this month. Use the expected number of payments in Exhibit 5-1 for this problem. b. If Larry lives more than 15 years after purchasing the annuity, how much of each additional payment should he include in gross income? Amount to be included EXHIBIT 5-1 Table for Expected Return Multiple for Ordinary Single-Life Annuity Age at Annuity Starting Date Expected Return Multiple 68 17.6 69 16.8 70 16.0 71 15.3 72 14.6