$($Related to Checkpoint $6\mathrm{.}5)($Calculating the present value of a growing perpetuity$)$ What is the present value of a perpetual stream of cash flows that pays $$4,500$ at the end of year one and the annual cash flows grow at a rate of $2\%$ per year indefinitely, if the appropriate discount rate is $13\%?$ What if the appropriate discount rate is $11\%?$

a$.$ If the appropriate discount rate is $13\%,$ the present value of the growing perpetuity is $

round to the nearest cent