(Present value of a perpetuity) At a discount rate of 17.50%, find the present value of a perpetual payment of $3,000 per year. If the discount rate were lowered to 8.75%, half the initial rate, what would be the value of the perpetuity? a. If the discount rate were 17.50%, the present value of the perpetuity is $ . (Round to the nearest cent.) b. If the discount rate were lowered to 8.75%, half the initial rate, the present value of the perpetuity is $ (Round to the nearest cent.)