Mark Ventura has just purchased an annuity to begin payment two years from today. The annuity is for $20,000 per year and is designed to last 8 years.

If the interest rate for this problem calculation is 11 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.

Note: Do not round intermediate calculations. Round your final answer to 2 decimal places.

Maximum payment: