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Rui is receiving an annuity immediate which makes monthly payments over the next 18 years. The payments during the first year are each equal to
Rui is receiving an annuity immediate which makes monthly payments over the next 18 years. The payments during the first year are each equal to 1,000. The payments during the second year are each equal to 2,000. The payments continue to increase in the same pattern until payments of 18,000 each are made during the 18th year. Using an annual effective interest rate of 7.1%, calculate the present value of Rui's annuity. (Round your answer to the nearest 2 decimal places.)
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