Question: Please show work by hand and not in excel. Thank you. The solution is $3520.87 Problem 21.12 A perpetuity pays $200 each year, with the

Please show work by hand and not in excel. Thank you. The solution is $3520.87

Problem 21.12 A perpetuity pays $200 each year, with the first payment scheduled one year from now. Assume that the effective annual interest rate for the next five years is 8%, and thereafter it is 5%. Find the present value of the perpetuity

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