Problem $4-14$ Calculating Perpetuity Values

The Perpetual Life Insurance Company is trying to sell you an investment policy that will pay you and your heirs $$14,500$ per year forever.

a$.$

If the required return on this investment is $5\mathrm{.}1$ percent, how much will you pay for the policy? $($Round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

b$.$ Suppose the Perpetual Life Insurance Company told you the policy costs $$310,000.$ At what discount rate would this be a fair deal? $($Enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$