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What is the present value of a $400 perpetuity if the interest rate is 4%? If interest rates doubled to 8%, what would its present

What is the present value of a $400 perpetuity if the interest rate is 4%? If interest rates doubled to 8%, what would its present value be? Round your answers to the nearest cent.

Present value at 4%: $

Present value at 8%: $

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