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A 4-year annuity of eight $11,400 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. If the

A 4-year annuity of eight $11,400 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now.

If the discount rate is 11 percent compounded monthly, what is the current value of the annuity? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Value of the annuity

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