Your rich uncle has just given you a high school graduation present of $700,000. The present, however, is in the form of a 16-year bond with an annual interest rate of 6.9% compounded annually. The bond says that it will be worth $700,000 in 16 years. What is this gift worth at the present time? (Round your answer to the nearest cent.)

240688 is wrong. I don't know why