The "vanilla" perpetuity pays $50 at the end of every 3 years forever starting at the end of the first year. Thus, first payment is at the end of year one, second at the end of year 4, etc.. The yearly effective interest rate is 19%. What is the present value of the vanilla perpetuity? (Note: retain at least four places of a decimal in your calculation) Select one:

$263.16

$72.98

$122.98

$372.66

$103.34

The correct answer is: $103.34 why???