Morgan jennings a geography professor invests 94000 in a, Ask an Expert

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Morgan Jennings, a geography professor, invests $94,000 in a parcel of land that is expected to increase in value by 13 percent per year for the next seven years. He will take the proceeds and provide himself with a 18-year annuity. Assuming a 13 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.)

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