growing perpetuity has its first annual cash flow at the end of the year in 3 years. The first cash flow is $1,000. Every year afterwards, the cash flow will increase by 3% indefinitely. The required return is 12%, compounded annually. a. What is the value today? b. What is the value in 5 years? c. Explain how the value of the growing perpetuity changes before the cash flows begin (i.e. before year 3). d. Explain how the value of the growing perpetuity changes after the cash flows begin (i.e. after year 3).