An investment will offer $$767$ per year forever, starting $9$ years from today. If the relevant interest rate is $15\%$ per year $($as an EAR$),$ the value of the investment today is $$\_\_\_\_\_\_\_\_.$

Hint: All cash flows must be brought to the "year $0"$ point. Look carefully at the timing of these payments and compare that to what the PV Perpetuity formula assumes about timing. Use the PV Perpetuity formula first to summarize all the payments, determine where that value is$,$ and then move that value to year $0.$

Margin of error for correct responses: $+/-\mathrm{.}05$

Rounding and Formatting instructions:

Do not enter dollar signs, percent signs, commas, X$,$ or any words in your response. Do not round any intermediate work, but round your $*$final$*$ response to $2$ decimal places $($example: if your answer is $12\mathrm{.}3456,12\mathrm{.}3456\%,$ or $$12\mathrm{.}3456,$ you should enter $12\mathrm{.}35).$