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A 14-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

A 14-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 eight years, and 9 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.)

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