Question: Explain how you would modify the present value of an annuity shortcut formula to accommodate an equal payment stream that begins immediately. How would you

Explain how you would modify the present value of an annuity shortcut formula to accommodate an equal payment stream that begins immediately. How would you modify the present value of an annuity shortcut formula to accommodate an annuity that begins in year 5? How would you answer this question if the payment stream was a growing perpetuity?

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