Question: Fran purchased an annuity that provides $ 6 , 2 0 0 quarterly payments for the next 1 0 years. The annuity was purchased at

Fran purchased an annuity that provides $6,200 quarterly payments for the next 10 years. The annuity was purchased at a cost of $186,000. How much of the first quarterly payment will Fran include in her gross income?
Multiple Choice
$4,650
None of the choices are correct
$1,550
$21,000
$6,200

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