2. Value of a retirement annuity Personal Finance Problem An insurance agent is trying to sell you an immediate-retirement annuity, which for a single amount paid today will provide you with $15,600 at the end of each year for the next 15 years. You currently earn 3% on similar-risk investments comparable to the retirement annuity. Ignoring taxes, what is the most you would pay for this annuity?

Ignoring taxes, what is the most you would pay for this annuity?

$ (Round to the nearest cent.)