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Aunt Clarisse has promised to leave you an annuity that will pay $ 6 0 next year and grow at an annual rate of 4

Aunt Clarisse has promised to leave you an annuity that will pay $60 next year and grow at an annual rate of 4%. The payments are expected to go on indefinitely and the interest rate is 9%. What is the value of the growing perpetuity? a)$667 b)$693 c)$1,200 d)$1,248 e)None of the above

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