A perpetuity makes a constant payment CF every quarter with the first payment starting one full year from today and grows at a constant quarterly growth rate of g, with a quarterly discount rate r.

Applying the perpetuity equation CFrgCFr-g gives the value of the perpetuity _______.

a) 9 months from now.

b) at any time over the life of the perpetuity.

c) one year from now.

d) today, i.e. the present.