(Related to Checkpoint 6.5) (Present value of a growing perpetuity) What is the present value of a perpetual stream of cash flows that pays $7,000 at the end of year one and the annual cash hows grow at a rate of 3% per year indefinitely, if the appropriate discount rate is 9%? What if the appropriate discount rate is 7%? a. If the appropriate discount rate is 9%, the present value of the growing perpetuity is $ (Round to the nearest cent.)