Problem:
An investment pays $2,100 per year for the first 3 years, $4,200 per year for the next 8 years, and $6,300 per year the following 12 years (all payments are at the end of each year). If the discount rate is 8.75% compounding quarterly,
Required:
Question: What is the fair price of this investment? Describe in detail and provide all workings and methods.