Philip Southerly purchases a joint and survivor annuity providing for payments of \(\$ 200\) per month for his life and, after his death, \(\$ 100\) per month for his wife's life. As of the annuity starting date he is 70 years old and his wife is 67 . The annuity cost Philip \(\$ 28,000\). Determine the exclusion ratio for the annuity Philip purchased and the amount of the pension to be included in gross income.