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2 6 . A rich relative has bequeathed you a growing perpetuity. The first payment will occur in a year and will be $ 3

26. A rich relative has bequeathed you a growing perpetuity. The first payment will occur
in a year and will be $3000. Each year after that, you will receive a payment on the
anniversary of the last payment that is 3% larger than the last payment. This pattern
of payments will go on forever. Assume that the interest rate is 13% per year.
a. What is todays value of the bequest?
b. What is the value of the bequest immediately after the first payment is made?

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