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Problem 5.9 Present Value of a Perpetuity (LG5-5) What's the present value, when interest rates are 7.5 percent, of a $80 payment made every year

Problem 5.9 Present Value of a Perpetuity (LG5-5) What's the present value, when interest rates are 7.5 percent, of a $80 payment made every year forever? (Round your answer to 2 decimal places.)

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