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1.A company is running a competition in which the first prize is a perpetuity paying $100 each month.Supposing an interest rate of 9% per annum

1.A company is running a competition in which the first prize is a perpetuity paying $100 each month.Supposing an interest rate of 9% per annum compounded monthly, how much money will the company need to fund the prize now if the first payment is made:

(a)in one month's time?

(b)immediately?

(c)a year from now?

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