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A seven-year annuity that makes 14 semiannual payments of $7,600 will begin 5 years from now with the first payment coming 5.5 years from now.

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A seven-year annuity that makes 14 semiannual payments of $7,600 will begin 5 years from now with the first payment coming 5.5 years from now. If the discount rate is 8.9 percent compounded semiannually, what is the present value of the annuity? $52,676.93$50,432.67$35,599.54$55,021.05

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