Ch 5 Problems i Saved Help Save & Exit Submit Check my work 3 Gramps purchased a joint survivor annuity that pays $800 monthly over his remaining life and that of his wife, Gram. Gramps is 70 years old and Gram is 65 years old. Gramps paid $188,496 for the contract. How much income will Gramps recognize on the first payment? (Hint: Review Table VI from Reg. Sec 1.72-9 on the IRS website.) 2.77 points eBook Print Income recognized References