14. (10 points) Grace purchased a payout annuity on 1/1/2023 with 40 $1200 quarterly payments made at the end of each quarter with a 9% annual nominal rate convertible quarterly. The first payment is 3/31/2023. Calculate the present value at purchase 1/1/2023, i.e., time zero. Round your answer to the nearest integer. Enter your answer in tab-Answers,

14. (10 points) Grace purchased a payout annuity on 1/1/2023 with 40$1200 quarterly payments made at the end of cach quarter with a 9% annual nominal rate convertible quarterly. The first payment is 3/31/2023. Calculate the present value at purchase 1/1/2023, i.e., time zero. Round