Bob paid a life insurer $36,000 in exchange for an immediate life annuity. Bob will received $500 per month from the insurer, and his life expectancy is 15 years. The exclusion ratio is percent. of the payments as taxable Assume that Bob has received 12 annuity payments over the course of the year. When he files his taxes, Bob will report $ income. Now assume that Bob is alive 20 years later. When he files his taxes, Bob will report $ of the payments as taxable income. IMPORTANT: Your answers should be rounded to the nearest integer and should NOT include symbols (‘$’ or ‘,’).
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