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Suppose you are receiving an annual scholarship of 1,000,000 for four years, to be paid at the beginning of each academic year. What would be

Suppose you are receiving an annual scholarship of 1,000,000 for four years, to be paid at the beginning of each academic year. What would be the value of such a scholarship at the beginning of the first academic year, when the discount rate is 6%?

(round to the nearest unit, no 1000 separators)

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