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You receive an email informing you that as beneficiary of a trust setup by a foreign relative, you will be receiving a sum of $122,536

You receive an email informing you that as beneficiary of a trust setup by a foreign relative, you will be receiving a sum of $122,536 every year forever. You are informed that you can collect the first of these payments today. Acknowledging that the email is simply spam, what would be the present value of such perpetuity? (Assume the relevant discount rate is 11% ).

I would like to see the manual process, without Excel.

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