3. Do not use the tables for these questions. The interest rate is 10 percent. o What is the present value of an asset that pays $1 a year in perpetuity? (o) The value of an asset that appreciates at 10 percent per annum approximately doubles in 7 years. What is the approximate present value of an asset that pays $1 a year in perpetuity beginning in year 8? o) What is the approximate present value of an asset that pays $1 a year for each of the next 7 years? a) A piece of land produces an income that grows by 5 percent per annum. If the first year's flow is $10,000, what the value of the land