The cost of the annuity was 46800 and cecil was expected to

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Reference no: EM13569594

Cecil C. Seymour is a 64-year-old widower. He had income for 2013 as follows

Pension from former employer $39,850

Interest income from Alto National Bank 5,500

Dividends received from IBM 4,500

Collections on annuity contract he purchased from Great Life Insurance 5,400

Social Security benefits 14,000

Rent income on townhouse 9,000

The cost of the annuity was $46,800, and Cecil was expected to receive a total of 260 monthly payments of $450. Cecil received 22 payments through 2013.

Reference no: EM13569594

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