$($Present value of a growing$$ perpetuity$)$What is the present value of a perpetual stream of cash flows that pays $ $20$ comma $000$ at the end of year one and then grows at a rate of $5\%$ per year$$ indefinitely? The rate of interest used to discount the cash flows is $12\%.$

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Part $1$

The present value of the growing perpetuity is $$$

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enter your response here. $($Round to the nearest$$ cent.$)$