You have your choice of two investment accounts. Investment A is a 9-year annuity that features end-of-month $2,800 payments and has an interest rate of 7 percent compounded monthly. Investment B is an annually compounded lump-sum investment with an interest rate of 9 percent, also good for 9 years.
Required:
How much money would you need to invest in B today for it to be worth as much as Investment A 9 years from now? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
Present value $