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Cullumber Marine Supply Company is considering investing in an annuity contract that will return $77,000 annually at the end of each year for 14 years.

Cullumber Marine Supply Company is considering investing in an annuity contract that will return $77,000 annually at the end of each year for 14 years. What amount should Cullumber pay for this investment if it earns an 8% return? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 2 decimal places, e.g. 52.75.) Click here to view Table 4. Cullumber pay for investment $ 765,672.32

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