3. a. Derive an expression for the value and duration of a perpetuity of $c...
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3. a. Derive an expression for the value and duration of a perpetuity of $c per annum if interest rates are level at r %? The following sums of infinite series might prove useful for your solution: x + x2 + x3 +... x + 2x2 + 3x3 +... 1- x (1 x)
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