Problem 8 - 2 parts State University wants to name a conference center after you because of your success. The cost to endow the center Is $34,000 per year forever. You can assume a yearly interest rate of 7%. a. How much should you pay for this honor? (what is the value of the cash flows today?) (Do not round intermediate calculations and round your answer to 2 decimal places, e.g. 12.34.) 2. Value b. What is the formula you used to calculate your answer in a? (Write the number next to the formula you would use from your formula sheet) b. Formula Number