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(2 points) (Exercise 4.41) Payments under a continuous perpetuity are made at the periodic rate of 1.03' at time t. The annual effective rate of

(2 points) (Exercise 4.41) Payments under a continuous perpetuity are made at the periodic rate of 1.03' at time t. The annual effective rate of interest is 0.09. Find the present value of the perpetuity. ANSWER =

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