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7. A perpetuity will pay $1,000 per year, starting 5 years after the perpetuity is purchased. What is the present value of this perpetuity on

7. A perpetuity will pay $1,000 per year, starting 5 years after the perpetuity is purchased. What is the present value of this perpetuity on the date that it is purchased, given that the interest rate is 4%? a. $1,410 b. $20,582 c. $21,370 d. $34,604 PLEASE USE EXCEL AND SHOW STEPS

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