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(Present value of a complex stream) Don Draper has signed a contract that will pay him $60,000 at the end of each year for

(Present value of a complex stream) Don Draper has signed a contract that will pay him $60,000 at the end of each year for the next 0 years, plus an additional $110,000 at the end of year 6. If 8 percent is the appropriate discount rate, what is the present value of this contract? The present value of the contract is Round to the nearest cent.)

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