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A 14-year annuity pays $1,100 per month, and payments are made at the end of each month. The interest rate is 14 percent compounded monthly

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A 14-year annuity pays $1,100 per month, and payments are made at the end of each month. The interest rate is 14 percent compounded monthly for the first five years and 12 percent compounded monthly thereafter. What is the present value of the annuity? Multiple Choice $1,000,742.26 $85,063.09 $83,395.19 $61,727.28 $119,718.29

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