Question: Fran purchased an annuity that provides $ 9 , 0 0 0 quarterly payments for the next 1 0 years. The annuity was purchased at

Fran purchased an annuity that provides $9,000 quarterly payments for the next 10 years. The annuity was purchased at a cost of $225,000. How much of the first quarterly payment will Fran include in her gross income?
Multiple Choice
$24,900
$5,625
$3,375
None of the choices are correct
Fran purchased an annuity that provides $ 9 , 0 0

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