Question: Barbara Hensley is moving into a loft apartment and is required to have renters insurance to protect her personal property. She has an excellent credit rating and elects to purchase a policy that will cover $40,000 in personal property and $500,000 in liability. She will have a deductible of $1,000. Barbara also selects an endorsement for her $8,500 engagement ring and $2,000 for her camera equipment. Find her annual renters insurance premium