Cary invested $100,000 in an annuity contract. This year, Cary annualized the contract. The insurance company agreed

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Cary invested $100,000 in an annuity contract. This year, Cary annualized the contract. The insurance company agreed to pay Cary $520.83 per month for 20 years. Assuming Cary receives eight payments this year, calculate how much can Cary exclude from his gross income this year?