Question: Problem 9-36 Solving for an annuity [LO9-4] Morgan Jennings, a geography professor, invests $50,000 in a parcel of land that is expected to increase in

Problem 9-36 Solving for an annuity [LO9-4] Morgan Jennings, a geography

Problem 9-36 Solving for an annuity [LO9-4] Morgan Jennings, a geography professor, invests $50,000 in a parcel of land that is expected to increase in value by 12 percent per year for the next five years. He will take the proceeds and provide himself with a 10-year annuity. Assuming a 12 percent interest rate, how much will this annuity be? Use Appendix A and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Annuity value

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