(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 7 years, plus an additional $110,000 at the end of year 7. If 7 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 7 years if the discount rate is 7percent?

( ) (round to the nearest cent.)