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Problem 9-40 Deferred annuity [LO9-3] Mark Ventura has just purchased an annuity to begin payment...

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Finance

Problem 9-40 Deferred annuity [LO9-3]

Mark Ventura has just purchased an annuity to begin payment two years from today. The annuity is for $26,000 per year and is designed to last 10 years.

If the interest rate for this problem calculation is 12 percent, what is the most he should have paid for the annuity? Use Appendix B 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.)

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