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A perpetuity paying $404 per year with the first payment due in one year has a present value of $7345.45. What most be the value

A perpetuity paying $404 per year with the first payment due in one year has a present value of $7345.45. What most be the value of the a similar perpetuity if the first payment is instead due in sixteen years. The answer is $3290.27. How to calculate this result?

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