15. Victor wants to purchase a perpetuity paying 130 per year with the first payment due at the end of year 13. He can purchase it by either: (i) paying 230 per year at the end of each year for 12 years; or (ii) paying K per year at the end of each year for the first 7 years and nothing for the next 5 years. Calculate K. [Hint: first establish an equation for rate i , then calculate K ]