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What is the present value of a perpetuity that pays 1,000 per year, beginning 1 year from now, if the appropriate interest rate is 5%?

What is the present value of a perpetuity that pays 1,000 per year, beginning 1 year from now, if the appropriate interest rate is 5%? ( 20,000) What would the value be if the perpetuity began its payments immediately? ( 21,000) (Hint: Just add the 1,000 to be received immediately to the formula value of the annuity.)

Can you please explain how its been calculated .?

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