A 16-year annuity pays $1,900 per month, and payments are made at the end of each month. The interest rate is 8 percent compounded monthly for the first five years and 5 percent compounded monthly...

A 16-year annuity pays $1,900 per month, and payments are made at the end of each month. The interest rate is 8 percent compounded monthly for the first five years and 5 percent compounded monthly thereafter.

What is the present value of the annuity?

A. $218,527.19