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11. (4 points) For a special annual perpetuity-due: (i) The first payment is 500. (ii) Each oubocquent year paymento decrease by 20 until a payment

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11. (4 points) For a special annual perpetuity-due: (i) The first payment is 500. (ii) Each oubocquent year paymento decrease by 20 until a payment of 300 is paid. (iii) Payments remain level at 300 thereafter. Calculate the present value of this perpetuity at an annual effective interest rate of 6%

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