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Morgan Jennings, a geography professor, invests $89,000 in aparcel of land that is expected to increase in value by 13 percentper year for the next eight years. He will take the proceeds andprovide himself with a 18-year annuity. Assuming a 13 percentinterest rate, how much will this annuity be? Use Appendix A andAppendix D for an approximate answer, but calculate your finalanswer using the formula and financial calculator methods. (Do notround intermediate calculations. Round your final answer to 2decimal places.) Annuity Value __________________
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