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A perpetuity makes its first annual payment of $ 109 exactly 16 years from today. A) What is the present value of this perpetuity today

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A perpetuity makes its first annual payment of $ 109 exactly 16 years from today. A) What is the present value of this perpetuity today assuming a discount rate of 5.0% per annum compounded annually? The present value today is $ for this series of perpetual cash flows starting in 16 years at an annual discount rate of 5.0%. (Round your answer to the nearest cent)

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