1. Will a fixed indexed annuity based on the S\&P 500 index experience lower gains than a variable annuity with funds invested in a portfolio that matches the S\&P 500? 2. What is one difference between fixed annuities and variable annuities? 3. Deshawna is 65 years old. She paid $240,000 for an immediate annuity of \$2,000 a month for her lifetime. The contract does not provide for any refunds. According to the Internal Revenue Service regulations, her life expectancy is 85 (20 years of the annuity). She receives 12 monthly payments in the first year of her contract. How much of her income from the annuity is taxable for that year