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16 q (Present value of a complex stream) Don Draper has signed a contract that will pay him 575,000 at the end of each year

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(Present value of a complex stream) Don Draper has signed a contract that will pay him 575,000 at the end of each year for the next 10 years, plus an additional $120,000 at the end of yeat 10 . If 8 percent is the appropriate discount rale, what is the present value of this contract? The present value of the contract is $ (Round to the nearest cent.)

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