River Babylon, an archaeology professor, invests $$88,000$ in a parcel of land that is expected to increase in value by $12$ percent per year for the next seven years. He will take the proceeds and provide himself with a $16-$year annuity.

Assuming a $8$ percent interest rate, how much the payments will be for the annuity? $($Use a Financial calculator to arrive at the answer. Do not round intermediate calculations. Round your final answer to $2$ decimal places.$)$

Annuity value $