A perpetuity-immediate pays 10 annually for the first 20 years. After 20 years, the payments decrease by 1 per year until they reach a payment of 1. The payments of 1 continue forever. At an annual effective interest rate of 6% what is the present value of this perpetuity? A perpetuity-immediate pays 10 annually for the first 20 years. After 20 years, the payments decrease by 1 per year until they reach a payment of 1. The payments of 1 continue forever. At an annual effective interest rate of 6% what is the present value of this perpetuity