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Matt will receive an annual perpetuity. The first payment of $700 will be 3 years...

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Matt will receive an annual perpetuity. The first payment of $700 will be 3 years from today. Each subsequent payment will be 6% higher than the previous payment. If his effective annual discount rate is 11%, what is the total present value of all payments? a. $11,363 b. $16,110 C. $12,988 d. $15,902

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