Item$6$

$5\mathrm{.}88$

points

eBookReferencesCheck my workCheck My Work button is now enabled$2$Item $6$

Suppose that you will receive annual payments of $$20,500$ for a period of $10$ years. The first payment will be made $10$ years from now. If the interest rate is $5\%,$ what is the present value of this stream of payments?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.