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Valuing Delayed Annuities Suppose that you will receive annual payments of $ 1 2 , 0 0 0 for a period of 2 6 years.

Valuing Delayed Annuities
Suppose that you will receive annual payments of $12,000 for a period of 26 years. The first payment will be made 10 years from now. If the interest rate is 11.50%, what is the value of the annuity in year 9, what is the current value of this stream of cash flows? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Value of the Security
in Year 9
Value of the Security today
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