(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 $1000 at the end of year one and the annual cash flows grow at a rate of 4% per year indefinitely, if the appropriate discount rate is 14%? What if the appropriate discount rate is 12%?

a.If the appropriate discount rate is 14%, the present value of the growing perpetuity is $ (Round to the nearest cent.)