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What is the present value of a perpetuity that pays $1000 each year with the first payment being made at the beginning of the 5th

What is the present value of a perpetuity that pays $1000 each year with the first payment being made at the beginning of the 5th year? Assume i=4%.

NO EXCEL

EXCEL= THUMBS DOWN

FORMULAS / SHOW WORK = THUMBS UP

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