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15. (Present value of a complex stream) Don Draper has signed a contract that will pay him $65,000 at the end of each year for

15. (Present value of a complex stream)Don Draper has signed a contract that will pay him

$65,000 at the end of each year for the next 6 years, plus an additional $130,000 at the end of year 6. If 11 percent is the appropriate discount rate, what is the present value of this contract?

The present value of the contract is

$____ (Round to the nearest cent.)

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