The interest rate is 10 percent compounded monthly for the, Financial Management

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The interest rate is 10 percent compounded monthly for the

A 14-year annuity pays $2,600 per month, and payments are made at the end of each month. The interest rate is 10 percent compounded monthly for the first six years, and 8 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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