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What is the present value of a deferred perpetuity that promises quarterly payments of $500 starting in the first quarter of year 3 (i.e., k

What is the present value of a deferred perpetuity that promises quarterly payments of $500 starting in the first quarter of year 3 (i.e., k = 9) if the annual interest rate is 14%?

Select one:

a. $11 554.

b. $14 286.

c. $15 000.

d. $12 987.

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