The Perpetual Life Insurance Company is trying to sell you an investment policy that will

pay you and your heirs $$16,000$ per year forever.

a$.$ If the required return on this investment is $5\mathrm{.}4$ percent, how much will you pay for the

policy? $($Round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

b$.$ Suppose the Perpetual Life Insurance Company told you the policy costs $$360,000.$ At

what discount rate would this be a fair deal? $($Enter your answer as a percent

rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$