Question: The answer is 25360.97 Please show step by step and formulas used. Problem 22.17 A perpetuity will make annual payments of $3,000, with the first

The answer is 25360.97 Please show step by step and formulas

The answer is 25360.97

Please show step by step and formulas used.

Problem 22.17 A perpetuity will make annual payments of $3,000, with the first payment occurring 5 months from now. The interest rate is 12% convertible monthly. Find the present value of this annuity

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