Question: Problem 5 - 5 0 Variable Interest Rates [ LO 1 ] A 1 0 - year annuity pays $ 2 , 9 0 0

Problem 5-50 Variable Interest Rates [LO 1]
A 10-year annuity pays $2,900 per month, and payments are made at the end of each month. The interest rate is 8 percent compounded monthly for the first six years, and 6 percent compounded monthly thereafter. What is the present value of the annuity? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.
Answer is complete but not entirely correct.
\table[[\table[[Present],[value]],$,251,946.30x
Problem 5 - 5 0 Variable Interest Rates [ LO 1 ]

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