An estate provides a perpetuity with payment of $500 at the end of each year. Bob, Jack and Mike share the perpetuity such that Bob receives the payment of $500 for the first 15 years and Jack receives the payment of $500 for the next 10 years, after which Mike receives all the remaining payments of $500. the annual effective interest rate is 7% for year 1-15 period, 8% for year 16-25 period and 7.5% thereafter. Find the present values of each persons payments.