Exercise $4-25($Algorithmic$)($LO$.4)$

A taxpayer, age $64,$ purchases an annuity from an insurance company for $$72,000.$ She is to receive $$600$ per month for life. Her life

expectancy is $20\mathrm{.}8$ years from the annuity starting date. Assuming that she receives $$7,200$ this year, how much is included in her gross

income?

Round any percentages to two decimal places. Round the final answer for the income to the nearest dollar.

Exclusion percentage:

$\%$

Included in income:

$