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What is the present value of a $500 perpetuity if the interest rate is 6%? If interest rates doubled to 12%, what would its present

What is the present value of a $500 perpetuity if the interest rate is 6%? If interest rates doubled to 12%, what would its present value be? Round your answers to the nearest cent.

Present value at 6%: $

Present value at 12%: $

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