Sophia purchased a variable annuity contract with a purchase payment of $90,000. Surrender charges begin with 8 percent in the first year and decline by 2.0 percent each year. In addition, Sophia can withdraw 11 percent of her contract value each year without paying surrender charges. In the first year, Sophia needed to withdraw $16,000. Assume that the contract value had not increased or decreased because of investment performance. What was the surrender charge Sophia had to pay
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