The solution should resolve to $39.84.
Melody and the obsequious Morgan Tud present two methods to solve this question. Melody’s method is straightforward and easier to understand. Tud derives a quadratic equation from the two relations. It’s a brilliant method, but not intuitive for most persons trying to solve these types of questions.
https://web2.0calc.com/questions/perpetuity_1
(The dialogue between Chirurgeon Tud and Sir CPhill is quite funny, too.)
GA