Question: A perpetuity will pay$700 per year, starting five years after the perpetuity is purchased. What is the present value (PV) of this perpetuity on the

A perpetuity will pay$700 per year, starting five years after the perpetuity is purchased. What is the present value (PV) of this perpetuity on the date that it is purchased, given that the interest rate is 3%?

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