A 6-year term insurance policy has an annual premium of $200, and at the end of 6 years, all payments and interest are refunded. What lump-sum deposit is necessary to equal this amount if you assume an interest rate of 2.5% compounded annually? (a) State the type. O future value O ordinary annuity O present value of an annuity O amortization O sinking fund (b) Answer the question. (Round your answer to the nearest cent.) $