The Endeavour insurance company issues life annuities. It prices its annuities using the following probabilities.

Survival probabilities

Year
1	0.89
2	0.68
3	0.59
4	0

The annuities pay $60 000 at the end of each year while the policyholder is alive. Endeavour insurance believes it can earn 4% p.a. interest on investments. It also has to provide for initial expenses of $50 at the date of issue.

(c) Calculate the fair single premium value which is paid on the issue date of this policy. Round your answer to two decimal places.

a.

98743.67

b.

104014.57

c.

98793.67

d.

120588.52