Question: Tony has been granted a perpetuity that will pay him ( and whoever he passes it on to ) $ 4 0 0 at the

Tony has been granted a perpetuity that will pay him (and whoever he passes it on to) $400 at the end of every year forever.
Tony is considering selling the perpetuity to someone else for the fair, present value. If the interest rate is 6.14 percent per year, what is the present value of the perpetuity?

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