Question: River Babylon, an archaeology professor, invests $ 8 8 , 0 0 0 in a parcel of land that is expected to increase in value

River Babylon, an archaeology professor, invests $88,000 in a parcel of land that is expected to increase in value by 12 percent per year for the next seven years. He will take the proceeds and provide himself with a 16-year annuity.
Assuming a 8 percent interest rate, how much the payments will be for the annuity? (Use a Financial calculator to arrive at the answer. Do not round intermediate calculations. Round your final answer to 2 decimal places.)
Annuity value $

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