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Question 3 (6.66 points) Compute the present value of a perpetuity that pays $ 7,225 annually given a required rate of return of 12 percent

Question 3(6.66 points)

Compute the present value of a perpetuity that pays $ 7,225 annually given a required rate of return of 12 percent per annum.(Round your answer to 2 decimal places; record your answer without commas and without a dollar sign).

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