You are head of the Schwartz Family Endowment for the Arts. You have decided to fund an arts school in Toronto in perpetuity. Every four $$years$,$ you will give the school $ $500$ comma $000.$ The first payment will occur four years from today. If the interest rate is $8\mathrm{.}6\%$ per$$ year, what is the present value of your$$ gift?

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Part $1$

The PV of the gift is $$$

$$

enter your response here.$($Round to the nearest$$ dollar.$)$