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(Bonus problem) Consider a perpetuity that pays $5000 per year with the first payment six years from now. One can purchase this perpetuity by making

(Bonus problem) Consider a perpetuity that pays $5000 per year with the first payment six years from now. One can purchase this perpetuity by making six annual payments of K with the first payment now. The effective annual interest rate on all transactions is 6%. Determine K

please write the formula and steps on paper hand writing for better understanding and keep in mind that is 6%

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