(Present value of a complex stream) Don Draper has signed a contract that will pay him $60,000 at the beginning of each year for the next 8 years, plus an additional $120,000 at the end of year 8 . If 10 percent is the appropriate discount rate, what is the present value of this contract? a. What is the present value of $60,000 at the beginning of each year for the next 8 years if the discount rate is 10 percent? $ (Round to the nearest cent.)