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4. (1)A perpetuity of $5,000 per year beginning at the end of year 1. Assume a 15% interest rate. What is its present value? (2)A

(1)A perpetuity of $5,000 per year beginning at the end of year 1. Assume a 15% interest rate. What is its present value?

(2)A perpetuity of $5,000 per year beginning after 4 years (at the end of 4^th year). Assume a 15% interest rate. What is its present value?

(3)A perpetuity of $5,000 per year beginning right now (t = 0). Assume a 15% interest rate. What is its present value?

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