A 15-year annuity pays 1650 per month and payments are made, Financial Management

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A 15-year annuity pays 1650 per month and payments are made

A 15-year annuity pays $1,650 per month, and payments are made at the end of each month. If the interest rate is 10 percent compounded monthly for the first seven years, and 6 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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Financial Management: A 15-year annuity pays 1650 per month and payments are made

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