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38. A 15-year annuity pays $2,050 per month, and payments are made at the end of each month. If the interest rate is 10 percent
38.
A 15-year annuity pays $2,050 per month, and payments are made at the end of each month. If the interest rate is 10 percent compounded monthly for the first seven years, and 6 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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