I’m working on a other practice test / quiz and need an explanation to help me learn.

You have accumulated some money for your retirement. You are going to withdraw $59,771 every year at the end of the year for the next 16 years. How much money have you accumulated for your retirement? Your account pays you 15.51 percent per year, compounded annually. To answer this question, you have to find the present value of these cash flows.

Round the answer to two decimal places.