13) You are considering purchasing an investment product that makes 100 annual payments. The first payment is $100 and occurs two years from today. After that the payment amount grows at 7% per year. If the prevailing market interest rate is 4%, what is the highest price youd be willing to pay for the product? a. Any price. Since the growth rate is greater than the interest rate the investment product has infinite value.

b. $2,933.64

c. $51,861.60

d. $347,667.02