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Stephanie is the purchased a deferred perpetuity. The perpetuity will pay 100 at the end of each month with the first payment at the end

Stephanie is the purchased a deferred perpetuity. The perpetuity will pay 100 at the end of each month with the first payment at the end of 10 years or 120 months. The interest rate for this perpetuity is 9% compounded monthly. Determine the purchase price of this perpetuity.

The answer is5479.96, but I have no idea why. Please help me understand.

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