(Present value of a complex stream) Don Draper has signed a contract that will pay him $ 60000 at the beginning of each year for the next 6 years, plus an additional $ 120000 at the end of year 6. If 8 percent is the appropriate discount rate, what is the present value of this contract?

a. What is the present value of $60000 at the beginning of each year for the next 6 years if the discount rate is 8 percent?

( ) (round to the nearest cent.)