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You are head of the Schwartz Family Endowment for the Arts. You have decided to fund an arts school in the San Francisco Bay area

You are head of the Schwartz Family Endowment for the Arts. You have decided to fund an arts school in the San Francisco Bay area in perpetuity.

Every 4 years, you will give the school $ 800,000. The first payment will occur 4 years from today. If the interest rate is 11.2 % per year, what is the present value of your gift?

The PV of the gift is $____ (Round to the nearest dollar.)

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