An investment pays $2,050 per year for the first 4 years, $4,100 per year for th

Question

An investment pays $2,050 per year for the first 4 years, $4,100 per year for the next 5 years, and $6,150 per year the following 9 years (all payments are at the end of each year). If the discount rate is 8.05% 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.

Available answers: $40,042.26, $37,076.17, $35,593.12, $45,974.45, $35,222.36

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