Morgan Jennings, a geography professor, invests $96,000 in a parcel of land that is expected to increase in value by 16 percent per year for the next eight years. He will take the proceeds and provide himself with a 12-year annuity. Assuming a 16 percent interest rate, how much will this annuity be? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Annuity value 569,858.60