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William Prince purchased a joint and last survivor annuity for $98,981. It will pay $525 per month as long as both he and Kate are

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William Prince purchased a joint and last survivor annuity for $98,981. It will pay $525 per month as long as both he and Kate are alive. When one of them should pass away, the payments will drop to $475 per month. William is 70 and Kate is 65. How much of the first $525 payment must they include in income

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