$($Related to Checkpoint$5\mathrm{.}4)($Present value$)$ What is the present value of $$$$500500$ to be received $1111$ years from now discounted back to the present at $88$percent$?$

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Part $1$

The present value of $$$$500500$ to be received $1111$ years from now discounted back to the present at $88$ percent is $$$enter your response here. $($Round to the nearest$$ cent.$)$