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(Related to Checkpoint 6.4) (Present value of a perpetuity) What is the present value of a $55 perpetuity discounted back to the present at 8

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(Related to Checkpoint 6.4) (Present value of a perpetuity) What is the present value of a $55 perpetuity discounted back to the present at 8 percent? The present value of the perpetuity is $. (Round to the nearest cent.)

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