Charles purchased a perpetuity 10 years ago for $63,522 that makes quarterly payments. He received his first payment of $1,911 from the perpetuity one quarter after the purchase. Find the interest rate that the perpetuity has promised to pay. Find the present value of a string of equal cash flows. The first $821 payment is made 10 years from today. Subsequent payments of $821 are made a the end of each semiannual period forever. The interest rate is currently 4.85% per year.