A company wants to incorporate your product into its systems and is offering to pay you $548,000 today, plus $548,000 at the end of each of the following six years, for permission to do this. The appropriate interest rate is 7 percent. Suppose that the company will not start paying you until the first of the new systems that uses your product is sold in two years. What is the present value of that annuity? (Round factor values to 4 decimal places and final answers to 2 decimal places.)

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