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Which one of the following is the correct formula to use when calculating the present value of a continuous rate of payment perpetuity? 1.Present value

Which one of the following is the correct formula to use when calculating the present value of a continuous rate of payment perpetuity?

1.Present value = 1/(annual effective interest rate)

2. Present value = 1/(nominal annual interest rate)

3.Present value = 1/ln(1+annual effective interest rate)

Please provide detailed explanations.

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