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A perpetuity immediate makes annual payments. The first payment is 500. Each subsequent payment is 25 greater than the prior payment until the payments reach

A perpetuity immediate makes annual payments. The first payment is 500. Each subsequent payment is 25 greater than the prior payment until the payments reach 750. Thereafter, all payments will be 750.

Calculate the present value of this perpetuity at an annual interest rate of 5%.

(Round your answer to the nearest 2 decimal places.)

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