You don't need the concept of "time value of money" to value a perpetual stream of payments.
Intuitively, only a sucker would pay $1,000,000,000,000 for the promise of $1 per year in perpetuity, even in the absence of discounted cash flows.
Intuitively, only a sucker would pay $1,000,000,000,000 for the promise of $1 per year in perpetuity, even in the absence of discounted cash flows.
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