(Present value of a complex stream) Don Draper has signed a contract that will pay him

$80,000 at the beginning of each year for the next 10 years, plus an additional $120,000 at the end of year 10. If 8 percent is the appropriate discount rate, what is the present value of this contract?

a. What is the present value of $80,000 at the beginning of each year for the next 10 years if the discount rate is 8 percent?