A rich relative has bequeathed you a growing perpetuity. the first payment will occur in a year and will be $ 3 comma 000$3,000. each year after that, you will receive a payment on the anniversary of the last payment that is nbsp 4 % 4% larger than the last payment. this pattern of payments will go on forever. assume that the interest rate is 16 %16% per year.
a. what is today's value of the bequest?
b. what is the value of the bequest immediately after the first payment is made?
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