Problem $7-20$

You are offered an annuity that will pay $$10,000$ a year for ten years $($that is$,$ ten payments$),$ but the payments start after four years have elapsed. If you want to earn $8$ percent on your funds, what is the maximum you should pay for this annuity? Use Appendix B and Appendix D to answer the question. Round your answer to the nearest dollar.