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A perpetuity pays $5,000 per year, with the first payment coming one year from now. If the appropriate annual interest rate is 6%, what is

A perpetuity pays $5,000 per year, with the first payment coming one year from now. If the appropriate annual interest rate is 6%, what is the perpetuity's present value?

a. $80,833.33

b. $85,833.33

c. $88,333.33

d. $83,333.33

e. $78,408.33

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