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A perpetuity provides payments every two years starting today. The first payment is 24 and each payment is 4% greater than the immediately preceding payment.

A perpetuity provides payments every two years starting today. The first payment is 24 and each payment is 4% greater than the immediately preceding payment. Find the present value of the perpetuity if the effective rate of interest is 10% per annum. Answer to the nearest cent.

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