Problem $7-20$

You are offered an annuity that will pay $$12,000$ a year for eight years $($that is$,$ eight payments$),$ but the payments start after five years have elapsed. If you want to

earn $9$ percent on your funds, what is the maximum you should pay for this annuity? Use Appendix B and Appendix D to answer the question. Round your answer to the

nearest dollar.

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