How much do you have to deposit today so that beginning 16 years from now you can withdraw $16,000.00 a year for the next 6 years (periods 16 through 21 ) plus an additional amount of $32,000.00 in that last year (period 21 )? Assume an interest rate of 12 percent.
a. What is the value of the $16,000.00 withdrawals in years 16 through 21 at the end of year 15 if the annual interest rate is 12 percent? (Round to the nearest cent.)