The Internal Revenue Service (IRS) has cut the rate that should be used to determine the present value of an annuity steady.

The rate will be 3% in April, according to IRS Revenue Ruling 2011-10.

The rate is unchanged from 3% in March but down from 3.2% in April 2010.

The rate can also be used to determine an interest for life or a term of years, or a remainder or reversionary interest.

Other revenue ruling coverage from National Underwriter Life & Health: