Question: Problem 5-50 Variable Interest Rates [LO 1] A 13-year annuity pays $2,600 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

Problem 5-50 Variable Interest Rates [LO 1] A 13-year annuity pays $2,600 per month, and payments are made at the end of each month. The interest rate is 10 percent compounded monthly for the first five years, and 8 percent compounded monthly thereafter. What is the present value of the annuity? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value

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