Aunt clarisse has promised to leave you an annuity that, Financial Management

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Aunt clarisse has promised to leave you an annuity that

Aunt Clarisse has promised to leave you an annuity that will pay $60 next year and grow at an annual rate of 4%. The payments are expected to go on indefinitely and the interest rate is 9%. What is the present value of the growing perpetuity?

A) $667

B) $693

C) $1,200

D) $1,248

E) None of the above

Which one is correct?

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