A 15-year annuity pays $1,900 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? rev: 09_17_2012

$2,070,610.44

$169,099.85

$240,115.78

$176,001.89

$172,550.87