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Michelle paid a life insurer $54,431 in exchange for an immediate life annuity. She will...

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Accounting

Michelle paid a life insurer $54,431 in exchange for an immediate life annuity. She will receive $752 per month from the insurer, and her life expectancy is 15 years. Assume that she received 216 monthly payments of $752. How much taxable income must she have reported for this period?

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