Question: A 1 3 - year annuity pays $ 1 , 5 0 0 per month, and payments are made at the end of each month.

A 13-year annuity pays $1,500 per month, and payments are made at the end of each month. The interest rate is 16 percent compounded monthly for the first five years and 14 percent compounded monthly thereafter.
What is the present value of the annuity?
Multiple Choice
$102,700.75
$1,208,244.13
$100,687.01
A 1 3 - year annuity pays $ 1 , 5 0 0 per month,

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