Question: A 1 3 - year annuity pays $ 1 , 9 5 0 per month at the end of each month. If the discount rate

A 13-year annuity pays $1,950 per month at the end of each month. If the discount rate is 11 percent compounded monthly for the first eight years and 8 percent compounded monthly thereafter, what is the present value of the annuity? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)

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