What is the value of an investment that pays $20,000 every other year forever, if the first payment occurs one year from today and the discount rate is 12 percent compounded daily? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
- Value today = ?
- What is the value today if the first payment occurs four years from today?