Assume that you can receive $500,000, $515,000, and $600,000 over a 3 year period and the present value of those sums at 8% is $1,495,370. Explain what that means in simple terms.

Please show me how to calculate and get $1,495,370. Thank you.

My answer is :

Time PVF 8% PV

Cash flows 1.00 0.9259 500,000.00 462,962.96

Cash flows 2.00 0.8573 515,000.00 441,529.49

Cash flows 3.00 0.7938 600,000.00 476,299.34

Total 1,380,791.80

but apparently, it is not same as the above $1495370.