Problem: We are currently at year 0. Consider a perpetuity that pays $100 at the end of year 6 and thereafter every 5 years (i.e. at end of year 11, year 16, year 21 and etc) with cash flows growing at annual compounded constant growth rate of 2% per year from end of year 6 onward. The term structure is flat at 10% per year. Determine the present value of the perpetuity