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Don Draper has signed a contract that will pay him $70,000 at the beginning of each year for the next 10 years, plus an additional

Don Draper has signed a contract that will pay him $70,000 at the beginning of each year for the next 10 years, plus an additional $100,000 at the end of year 10. If 8 percent is the appropriate discount rate, what is the present value of this contract?

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