Question: You are evaluating a growing perpetuity product from a large financial services firm. The product promises an initial payment of $ 2 4 , 0

You are evaluating a growing perpetuity product from a large financial services firm. The product promises an initial payment of $24,000 at the end of this year and subsequent payments that will thereafter grow at a rate of 0.03 annually. If you use a discount rate of 0.10 for investment products, what is the present value of this growing perpetuity? Round to two decimal places.

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