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Crane Company is considering investing in an annuity contract that will return $25,500 annually at the end of each year for 16 years. Click here

Crane Company is considering investing in an annuity contract that will return $25,500 annually at the end of each year for 16 years. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What amount should Crane Company pay for this investment if it earns an 5% return? (Round answer to 2 decimal places, e.g. 25.25.)

Crane Company should pay

$enter a dollar amount rounded to 2 decimal places

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