Concord's Agency sells an insurance policy offered by Capital Insurance Company for a commission of $92 on January 2, 2020. In addition, Concord will receive an additional commission of $12 each year for as long as the policyholder does not cancel the policy. After selling the policy, Concord does not have any remaining performance obligations. Based on Concord's significant experience with these types of policies, it estimates that policyholders on average renew the policy for 4.5 years, which results in an expected policy life of 5.5 years. It has no evidence to suggest that previous policyholder behavior will change. (a) * Your answer is incorrect. Determine the transaction price of the arrangement for Concord, assuming 70 policies are sold. (Round answer to O decimal places, e.g. 5,125.) Transaction price $ 12512