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What is the present value of a $700 perpetuity if the interest rate is 8%? Round your answer to the nearest cent. $ If interest

  1. What is the present value of a $700 perpetuity if the interest rate is 8%? Round your answer to the nearest cent.

    $

  2. If interest rates doubled to 16%, what would its present value be? Round your answer to the nearest cent.

    $

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