Question: A 1 2 - year annuity pays $ 2 , 7 0 0 per month, and payments are made at the end of each month.

A 12-year annuity pays $2,700 per month, and payments are made at the end of each month. The interest rate is 11 percent compounded monthly for the first six years, and 9 percent compounded monthly thereafter. What is the present value of the annuity?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.

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