Morgan Jennings, a geography professor, invests $89,000 in a parcel of land that is expected to increase in value by 13 percent per year for the next eight years. He will take the proceeds and provide himself with a 18-year annuity.

Assuming a 13 percent interest rate, how much will this annuity be? UseAppendix AandAppendix Dfor an approximate answer, but calculate your final answer using the formula andfinancial calculator methods.(Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Annuity Value _________________