Present value. County Ranch Insurance Company wants to offer a guaranteed annuity in units of $$300,$ payable at the end of each year for $15$ years. The company has a strong investment record and can consistently earn $11\%$ on its investments after taxes. If the company wants to make $1\%$ on this contract, what price should it set on it$?$ Use $10\%$ as the dis$$ount rate. Assume it is an ordinary annuity and the price is the same thing as present value.

What price should the company set on the annuity contract?

$($Round to the nearest cent.$)$