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QUESTION
A perpetuity pays $2700 at the end of every month for 11 months of each year. At the end of the 12th month of each year, it pays double that amount....
A perpetuity pays $2700 at the end of every month for 11 months of each year. At the end of the 12th month of each year, it pays double that amount. If the effective ANNUAL rate is 9.4%, what is the present value of this perpetual annuity?
