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The first payment of a perpetuity-immediate is 60. Subsequent payments decrease by 1 per year until they reach a level of . Payments remain constant

The first payment of a perpetuity-immediate is 60. Subsequent payments decrease by 1 per year until they reach a level of . Payments remain constant at thereafter. The present value of the perpetuity is equal to the present value of a perpetuity-immediate paying 44 each year. The annual effective interest rate is 5%. Calculate .

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