Question: Please show all steps on how to solve this : A perpetuity will pay $1000 per year, starting five years after the perpetuity is purchased.

Please show all steps on how to solve this: A perpetuity will pay $1000 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 4%? SHOW ALL WORK

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