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In 2009, Ted purchased an annuity for $60,000. The annuity is to pay him $1,500 per month for the rest of his life. His life expectancy is 120 months. A). Ted is not required to recognize any income until he has collected 40 payments (40 $1,500 = $60,000).
Good afternoon and Thank you for your question. Here is a prospectus for this annuity, I believe. PRUDENTIAL PREMIERÂ® RETIREMENT - Variable Annuity. This is a variable annuity that has what is called a benefits value and contract value. Here is how it works as an example, if you invest 100$k in to this annuity, at the future age, let's say 65 this annuity will pay you, let's say, 5% of the highest daily value between now and then.