A 13-year annuity pays $3,200 per month, and payments are made at the end of each month. The interest rate is 11 percent compounded monthly for the first six years, and 9 percent compounded monthly thereafter.

Required:

What is the present value of the annuity? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)