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Your friend promises you a perpetuity of $1 every year. If the first payment occurs in year 2 and the interest rate is 10%, which

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Your friend promises you a perpetuity of $1 every year. If the first payment occurs in year 2 and the interest rate is 10%, which of the following is right about its present value at time zero? a. $10.00 b. $9.09 c. $8.09 d. Any of the above e. None of the above

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