Morgan Jennings, a geography professor, invests $$98,000$ in a parcel of land that is expected to increase in value by $12$ percent per year for the next five 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.