Читать книгу Fundamentals of Financial Instruments - Sunil K. Parameswaran - Страница 114

An annuity that pays forever is called a perpetuity. The future value of a perpetuity is obviously infinite. But it turns out that a perpetuity has a finite present value. The present value of an annuity that pays for N periods is

The present value of the perpetuity can be found by letting N tend to infinity. As follows:

Thus, the present value of a perpetuity is A/r.