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(Present value of a complexstream) Don Draper has signed a contract that will pay him $50,000 at the beginning of each year for the next

(Present value of a complexstream) Don Draper has signed a contract that will pay him $50,000 at the beginning of each year for the next 7 years, plus an additional $110,000 at the end of year 7. If 12 percent is the appropriate discountrate, what is the present value of thiscontract?

The present value of the contract is $---? (Round to the nearestcent.)

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