Question: Problem 5-50 Variable Interest Rates [LO 1] A 13-year annuity pays $2,800 per month, and payments are made at the end of each month. The

Problem 5-50 Variable Interest Rates [LO 1]

A 13-year annuity pays $2,800 per month, and payments are made at the end of each month. The interest rate is 12 percent compounded monthly for the first seven years, and 10 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.

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