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1. A perpetuity immediate pays 1000 each month for 7 years, and then 500 each month thereafter. If the nominal annual nterest rate is 3%

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1. A perpetuity immediate pays 1000 each month for 7 years, and then 500 each month thereafter. If the nominal annual nterest rate is 3% convertible monthly, find the present value of the perpetuity. Be sure to include the appropriate equation or expression of value that you use

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