Janice started receiving an annuity payment of $1,500 per month when she turned 68 years old (expected return multiple for ordinary single-life annuity of 17.6). Janice purchased the annuity for $225,000 and will continue to draw the monthly payment for the remainder of her life. What is the amount of the annuity that represents a return of capital each year and is, therefore, nontaxable? (Round your calculation of the return of capital percentage to the nearest whole number.)
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Janice started receiving an annuity payment of $1,500 per month when she turned 68 years old (expect...
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