A 15-year annuity pays 2300 per month and payments are made, Financial Management

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A 15-year annuity pays 2300 per month and payments are made

A 15-year annuity pays $2,300 per month, and payments are made at the end of each month. If the interest rate is 12 percent compounded monthly for the first seven years, and 11 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 2300 per month and payments are made

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Financial Management: A 15-year annuity pays 2300 per month and payments are made

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