How much will this annuity be

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Reference no: EM131999897

Morgan Jennings, a geography professor, invests $86,000 in a parcel of land that is expected to increase in value by 10 percent per year for the next four years. He will take the proceeds and provide himself with a 12-year annuity.

Assuming a 10 percent interest rate, how much will this annuity be? Use Appendix A and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Reference no: EM131999897

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