Morgan Jennings, a geography professor, invests $95,000 in a parcel of land that is expected to increase in value by 14 percent per year for the next eight years. He will take the proceeds and provide himself with a 20-year annuity. Assuming a 14 percent interest rate, how much will this annuity be? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
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