Using the no growth perpetuity formula at the end of Chapter 3, assume that you can receive $47,000 per year forever and that your cost of money is 8.5%. What is this opportunity worth today? The opportunity is worth _______________.

Using the constant growth perpetuity formula at the end of Chapter 3, assume that you will receive $48,000 at the end of the first year this cash flow will grow 4.7% annually forever after that. With a cost of money of 9.5 percent, what is this opportunity worth today? The opportunity is worth _______________.