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7. A large consulting company has offered an intelligent consultant a contract of $50000 dollars a year with the payments growing at 6% per year

7. A large consulting company has offered an intelligent consultant a contract of $50000 dollars a year with the payments growing at 6% per year for the next 10 years. The consultant believes the discount rate for such payments is 11%. What is the approximate present value today of taking this contract?

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