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?

Answer is either:

a).$20,460.05

b)$24,701.77

c)$18,962.98

d).$25,450.31

e).$24,951.29