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How much of the sherry include in income

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Question - In 1988, when Sherry was 55 years old with an additional life expectancy of 20 years, she purchased a single life annuity for $200,000 that was to pay her $15,000 per year for life starting in 1989. Sherry just received her $15,000 payment for 2011. How much of the $15,000 must Sherry include in income?

a. 0

b. $5,000

c. $10,000

d. $15,000

Reference no: EM131797554

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