Question $15$

Cameron is going to receive an annuity for $48$

years of $$32,959,$ and Kennedy is going to

receive a perpetuity of that same amount. If

the appropriate discount rate is $9\%,$ how

much more are Kennedy's cash flows worth

today than Cameron's cash flows? $($Do not

include the dollar sign $($$$).$ Enter rounded

answer as directed, but do not use the

rounded numbers in intermediate

calculations. Round your answer to $2$ decimal

places $($e$.$g$.,32\mathrm{.}16).)$