E$9-15($Algo$)$ Computing a Present Value Involving an Annuity and a Single Payment LO $9-7$

An investment will pay $$16,400$ at the end of each year for eight years and a one$-$time payment of $$164,000$ at the end of the eighth year.

Note: Use Excel.

Required:

Determine the present value of this investment using a $6$ percent annual interest rate.

Note: Round your final answer to the nearest whole dollar.

Present value of investment