Annuity from an insurance company

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Reference no: EM131262599

Larry purchased an annuity from an insurance company that promises to pay him $1, 500 per month for the rest of his life. Larry purchased the annuity in January and paid $ 170, 820 for the policy. He is 72 and in good health, and received his first monthly payment on September 1^st, 2016. How much must Larry include in his 2016 income?

Reference no: EM131262599

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