(Present value of a growing perpetuity) What is the present value of a perpetual stream of cash flows that pays $5,000 at the end of year one and the annual cash flows grow at a rate of 4% per year indefinitely, if the appropriate discount rate is 9%? What if the appropriate discount rate is 7%?

If the appropriate discount rate is 9%, the present value of the growing perpetuity is $____________________ (Round to the nearest cent.)