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3. Suppose you get for free one of following two securities: (a) an annuity that pays $10,000 at the end of cach of the next

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3. Suppose you get for free one of following two securities: (a) an annuity that pays $10,000 at the end of cach of the next 6 years; or (b) a perpetuity that pays $10,000 forever, but payments do not begin until 10 years from now (the first cash payment from

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