The perpetual life ins co is trying to sell you an, Financial Management

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The perpetual life ins co is trying to sell you an

The Perpetual Life Ins. Co. is trying to sell you an investment policy that will pay you and your heirs one payment per year forever. The first payment is $12,000, arrived 17 years from now, and the payments grow at 2% per year. If the required rate of return on this investment is 4.7%, how much will you pay for the policy today?

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