1) An investor receives a series of payments, each amounting to $4,500 set to be received in perpetuity. Payments are to be made at the end of each year, starting at the end of year 4. If the discount rate is 9%, what is the payment value of the perpetuity today?

a) $11,390.83

b) $35,421.26

c) $38,609.17

d) $3,474.83