Mark Ventura has just purchased an annuity to begin payment two years from today. The annuity is for $25,000 per year and is designed to last 8 years.

If the interest rate for this problem calculation is 9 percent, what is the most he should have paid for the annuity? Use Appendix B and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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