River Babylon, an archaeology professor, invests $93,000 in a parcel of land that is expected to increase in value by 12 percent per year for the next six years. He will take the proceeds and provide himself with a 16-year annuity.

Assuming a 11 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 $