Problem $3$ You want to buy a $$10,000$ annual annuity from an insurance company for $9$ years What is an "annuity" $($weird word, isn't it$??)$That is a deal where you receive EQUAL cashflows over a period of time. A bond is a classic annuity. But there are also retirement annuities that people buy when they retire so that they can know what their income will be$.$

Insurnace Company Offer

Annual payments: $ $10,000$

Term: $9$ years

Interest Rate: $8\%$

How much does it cost upfront $?$

$($Answer should be negative$)$