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A 17-year annuity pays $1,600 per month, and payments are made at the end of each month. The interest rate is 11 percent compounded monthly
| A 17-year annuity pays $1,600 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. |
| What is the present value of the annuity? |
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$153,407.29
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$150,339.14
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$156,475.43
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$217,830.03
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$1,840,887.45
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