Question: What is the difference in present value between a perpetuity that pays $500 per year and an ordinary annuity that pays $500 per year for

What is the difference in present value between a perpetuity that pays $500 per year and an ordinary annuity that pays $500 per year for 22 years? Assume a discount rate of 7% and cash flows at the end of the period.

Round your answer to 2 decimal places.

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