Sophia purchased a variable annuity contract with $80,000 purchase payment Surrender charges begin with 6 percent in the first year and decline by 2 percent each year. In addition, Sophia can withdraw 9 percent of her contract value each year without paying surrender charges. In the first year, Sophia needed to withdraw $12,900. Assume that the contract value had not increased or decreased because of investment performance. What was the surrender charge Sophia had to pay? Surrender charge