A $3-$year term insurance policy has an annual premium of $$500,$ and at the end of $3$ years, all payments and interest are refunded. What lump$-$sum deposit is necessary to equal this amount if you assume an interest rate of $2\mathrm{.}5\%$ compounded annually?

$($a$)$ State the type.

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$($b$)$ Answer the question. $($Round your answer to the nearest cent.$)$