(a) Jorge buys a perpetuity that pays him (1.05) at the end of the first year, (1.05)² at the end of the second year, (1.05)³ at the end of the third year... Calculate the duration of this project with an effective rate of 10% per annum effective. Interpret the result.

(b) Given the previous result, Jorge decides to change the project: now he buys a perpetuity that makes equal payments of $1 at the beginning of each year. His investment adviser tells him that the duration of this project is 25. How many basis points for the return did Jorge sacrifice in the face of this project change? Justify.

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Note: Please answer in detail showing every step, thank you. ( And please do not copy previous chegg answers)