What is the present value of a 11-year annuity of $5,000 per period in which payments come at the beginning of each period? The interest rate is 14 percent. Use Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. When using Appendix D to find the present value of this annuity due, subtract 1 from n and add 1 to the table value. (Do not round intermediate calculations. Round your final answer to 2 decimal places. )

Appendix D Present value of an annulty of $1, PVFA Percent 7% 1% 2% 6% Period 3% 4% 5% 8% 9% 10% 11% 12% 0.980 0.990 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0.901 0.893 1 1,713 1.970 1.942 1.913 1.859 1.783 1.736 1.690 2 1.886 1.833 1.808 1.759 2.829 2.775 2.723 2.941 2.884 2.673 2,624 2.577 2.531 2,487 2.444 2.402 3.465 3.240 3.170 3.902 3.808 3.717 3.630 3.546 3.387 3.312 3.102 3.037 4.452 5.242 5 4.580 4.212 4.100 4.853 4.713 4.329 3.993 3.890 3.791 3.696 3.605 5.795 4.917 4.767 4.355 6 5.601 5.417 5.076 4.623 4.486 4.231 4.111 5.582 7 6.728 6.472 6.230 6.002 5.786 5.389 5.206 5.033 4.868 4.712 4.564 7.652 7.325 7.020 6.733 6.463 5.971 5.747 5.535 5.335 5.146 4.968 6.210 8.566 7.786 5.759 8.162 7.435 7.108 6.802 6.515 6.247 5.995 5.537 5.328 7.722 8.983 6.418 5.889 5.650 10 9.471 8.530 8.111 7.360 7.024 6.710 6.145 10,368 9.787 7.499 7.139 6.495 11 9.253 8.760 8.306 7.887 6.805 6.207 5.938 11.255 10.575 9.954 8.384 7.943 6.194 12 9.385 8.863 7.536 7.161 6.814 6.492 7.487 9.986 13 12.134 11.348 10.635 9.394 8.853 8.358 7.904 7.103 6.750 6.424 9.295 13.004 11.296 10.563 9.899 8.745 7.786 7.367 6.628 12.106 8.244 6.982 14 8.061 7.606 15 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.559 7.191 6.811 12.561 10.838 10.106 16 14.718 13.578 11.652 9.447 8.851 8.313 7.824 7.379 6.974 9.122 7.120 17 14.292 13.166 12.166 11.274 10.477 9.763 8.544 8.022 7.549 15.562 13.754 11.690 9.372 18 16.398 14.992 12.659 10.828 10.059 8.756 8.201 7.702 7.250 15.678 14.324 19 17.226 13.134 12.085 11.158 10.336 9.604 8.950 8.365 7.839 7.366 10.594 20 18.046 14.877 13.590 9.818 9.129 7.963 7.469 16.351 12.462 11.470 8.514 22.023 19.523 14.094 12.783 10.675 8.422 7.843 25 17.413 15.622 11.654 9,823 9.077 30 25.808 22.396 19.600 17.292 15.372 13.765 12.409 11.258 10.274 9.427 8.694 8.055 19.793 40 32.835 27.355 23.115 15.046 13.332 10.757 9.779 8.951 17.159 11.925 8.244 50 39.196 31.424 25.730 21.482 18.256 15.762 13.801 12.233 10.962 9.915 9.042 8.304