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You are evaluating a growing perpetuity investment from a large financial services firm. The investment promises an initial payment of $24,700 at the end of

You are evaluating a growing perpetuity investment from a large financial services firm. The investment promises an initial payment of $24,700 at the end of this year and subsequent payments that will grow at a rate of 2.6 percent annually. If you use a 9 percent discount rate for investments like this, what is the present value of this growing perpetuity?

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