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? Use Appendix A 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.) Annuity value