Many academic institutions offer a sabbascal policy. Every seventh year a professor is given a year free of teaching and other administrative responsibities at full pary. For a professor eaming $100,000 per your who works for a total of 42 years, what is the present valve of the amount she will earn while on sabbutical if the interest rate is 7% (EAR)? Note: Assume that the sabbaticat annual salary is paid in one lump sum every 7 years. The equivalent dncount rate is 6. (Round to treee decimal places.)