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You are depositing $1m from the bank starting in 257 days and ending in 320 days. You have agreed to pay 2.06% interest on an

You are depositing $1m from the bank starting in 257 days and ending in 320 days. You have agreed to pay 2.06% interest on an ACT/360 basis. If interest rates are:

Days Rates
257 2.93
320 2.28

what is the present value of this transaction? (Round your answer to the nearest 0.01).

Please explain your answer. Thank you!

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