What is the present value of a perpetual stream of cash flows that pays $4,500 at the end of year one and the annual cash flows grow at a rate of 3% per year indefinitely, if the appropriate discount rate is 8%? What if the appropriate discount rate is 6%? a. If the appropriate discount rate is 8%, the present value of the growing perpetuity b. If the appropriate discount rate is 6%, the present value of the growing perpetuity