The delayed perpetuities
{"Image DocumentName": "The delayed perpetuities", "Image ImageDescription": "Sometimes you may need to calculate the value of perpetuity that does not to start to make payments for several years. Example: you decide to provide  1 billion a year with the first payment four years from now. The present value: to find it we need to multiply by the three-year discount factor 1/(1+r)3= 1/(1+0.10)3=.751. Thus the delayed perpetuity is worth 10 billion  .751 =7.51 billion. PV =1 billion   1/r   1/(1+r)3= 1 billion   1/0.10   1/(1,10)3= 7.51.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}