Question: solve with showing all work and please don't use Excel 3 The present value of a perpetuity is $9.25. The perpetuity pays $1 at the

solve with showing all work and please don't use Excel

3 The present value of a perpetuity is $9.25. The perpetuity pays $1 at the end of every 2 years (that is to say, one payment every other year), with the first payment due immediately. Cheryl will make 3 payments of $300 each. The first payment is due one year from now, with successive payments due every third year thereafter. Determine the present value of Cheryl's payments at the same annual effective interest rate used to determine the present value of the perpetuity described above. [CAS 11/97 #2)

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