Morgan Jennings, a geography professor, invests $88,000 in a parcel of land that is expected to increase in value by 12 percent per year for the next seven years. He will take the proceeds and provide himself with a 16-year annuity. Assuming a 12 percent interest rate, how much will this annuity be? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Answer is complete but not entirely correct. Annuity value $194,630.06