$($Present value of a perpetuity$)$ At a discount rate of $18\mathrm{.}00\%,$ find the present value of a perpetual payment of $$3,500$ per year. If the discount rate were lowered to $9\mathrm{.}00\%,$ half the initial rate, what would be the value of the perpetuity?

a$.$ If the discount rate were $18\mathrm{.}00\%,$ the present value of the perpetuity is $ $($Round to the nearest cent.$)$