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. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

23 30 39 51 66 86 12 46 90 05 20 19 29 11223468037 2 0 2 2334579 11 11 22 28 35 44 55 69 86 201 007 $25 des 8327 2087 222345678 10 12 15 18 22 26 31 38 95 201 400 100 137 2 2222 2. 3 3 3 4 4 6 12 46 2 32 77 84 osi 998 23445689136927 19166 111122334567801469 7 2 871 111122334456 7902469 23 50 15 1111222334556790246905 1 70 .3 11112223344567890216 32 66 67 955 9 677 184 111-12 233344567790119 1123 5 1234567890123456789 2 5 30 40 50 1234567890123456789