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rich relative has bequeathed you a growing perpetuity. The first payment will occur in a year and will be $3,000. Each year afterthat, you will

rich relative has bequeathed you a growing perpetuity. The first payment will occur in a year and will be $3,000. Each year afterthat, you will receive a payment on the anniversary of the last payment that is 3% larger than the last payment. This pattern of payments will go on forever. Assume that the interest rate is 14% per year.

a. What istoday's value of thebequest?

b. What is the value of the bequest immediately after the first payment ismade?

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