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A 3-year term Insurance policy has an annual premium of $200, and at the end of 3 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 ordinary annuity amortization present value of an annuity future value sinking fund (b) Answer the question. (Round your answer to the nearest cent.)