Assume Ziggy will receive a perpetual payment (i.e. a perpetuity) of $25,000 that will neither grow nor decrease over the years. Assuming the interest rate of 8% and the first payment will be made next year (that is, such that t = 1), what is the present value of the perpetuity here? $312,500 O $423,000 $578,230 O $784,560