Determine the present value of an ordinary annuity of $$$$4$ comma $500$

per year for $16$

$$years$,$ assuming it earns $12$

percent. Assume that the first cash flow from the annuity comes at the end of year $7$

and the final payment at the end of year $22$

$.$

That$$ is$,$ no payments are made on the annuity at the end of years $1$ through $6$

$.$

$$ Instead, annual payments are made at the end of years $7$

through $22$

$.$