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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?

  • $153,407.29

  • $150,339.14

  • $156,475.43

  • $217,830.03

  • $1,840,887.45

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