An investment pays $1,950 per year for the first 3 years, $3,900 per year for the next 8 years, and $5,850 per year the following 11 years (all payments are at the end of each year). If the discount rate is 13.00% compounding quarterly, what is the fair price of this investment? Work with 4 decimal places and round your answer to two decimal places. For example, if your answer is $345.667 round as 345.67 and if your answer is .05718 or 5.718% round as 5.72.   $18,962.98 $24,951.29 $20,460.05 $25,450.31 $24,701.77

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Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.