..... 6. A perpetuity pays 20 at the end of year 1, 19 at the end of year 2, 2 at the end of year 19 and 1 at the end of year 20. Starting with year 21, the payment is 1 greater than it was in the previous year. At an annual effective interest rate of 3.2%, what is the present value of the perpetuity? ..... 6. A perpetuity pays 20 at the end of year 1, 19 at the end of year 2, 2 at the end of year 19 and 1 at the end of year 20. Starting with year 21, the payment is 1 greater than it was in the previous year. At an annual effective interest rate of 3.2%, what is the present value of the perpetuity