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Your rich uncle has just given you a high school graduation present of $1,600,000. The present, however, is in the form of a 20-year bond

Your rich uncle has just given you a high school graduation present of $1,600,000. The present, however, is in the form of a 20-year bond with an annual interest rate of 2.2% compounded annually. The bond says that it will be worth $1,600,000 in 20 years. What is this gift worth at the present time? (Round your answer to the nearest cent.)

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