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Gramps purchased a joint survivor annuity that pays $500 monthly over his remaining life and that...

Gramps purchased a joint survivor annuity that pays $500 monthly over his remaining life and that of his wife, Gram. Gramps is 70 years old and Gram is 65 years old. Gramps paid $97,020 for the contract. How much income will Gramps recognize on the first payment? Annual return multiple is 23.1 for joint-life annuities.

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