8:00 AM Central Time is 7:00 AM Mountain Time. Mountain Time is one hour behind Central Time.
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).
Annuity - Annual payment to keep patent or patent application alive in some countries. Unlike the US, most countries which have annuities require them to be paid both during the pendency of the patent application and after the application issues as a patent.