Question: A twenty - year annuity pays $ 2 , 6 0 0 + 2 0 0 k on the first day of the k -

A twenty-year annuity pays
$2,600+200k
on the first day of the k-th month of the year. Thus it pays $2,800 each January 1, $3,000 each February 1,..., $5,000 each December 1. The first payment is on a January 1. Find an expression for the value of this annuity just before the first payment and evaluate it if the annual effective interest rate is 7%.(Round your answer to the nearest cent.)

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