#11 What is the present value of a perpetual stream of cash flows that pays $6500 at the end of year one and the annual cash flows grow at a rate of 3% per year indefinitely, if the appropriate discount rate is 11%? What if the appropriate discount rate is 9%? (Round to nearest cent)

#12 (present value of an uneven stream of payments) What is the present value of each of these three investments if the appropriate discount rate is 12%?(Round to nearest cent)

Investment A

Investment B

Investment C

End of Year	A	B	C
1	$1,000	$1,000	$4,000
2	2,000	1,000	4,000
3	3,000	1,000	(4,000)
4	-4,000	1,000	(4,000)
5	4,000	3,000	14,000