An annuity will make payments as follows: starting on January 1, 1994 and ending on January 1, 1997, semiannual payments of 4000 dollars each are made. Then, starting on January 1, 2004 and ending on January 1, 2018, payments of 6200 dollars each are made once every two years. If the current date is January 1, 1993 and the interest rate is 6.6 percent convertible semiannually, what is the present value of the annuity?
Answer = dollars.