5. Morgan Jennings, a geography professor, invests $97,000 in a parcel of land that is expected to increase in value by 11 percent per year for the next ten years. He will take the proceeds and provide himself with a 14-year annuity.
Assuming a 11 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.)