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Many academic institutions offer a sabbatical policy. Every seventh year a professor is given a year free of teaching and other administrative responsibilities at full pay. For a professor eaming $70,000 per year who works for a total of 42 years, what is the present value of the amount she will eam while on sabbatical if the interest rate is 6% (EAR)? Note: Assume that the sabbatical annual salary is paid in one lump sum ever/ 7 years The equivalent discount rate is DO/O_ (Round to three decimal places.)