Question: 4: An R&D lab will receive $600,000 when a proposed contract is signed today, a $250,000 progress payment at the end of year 1, and

4: An R&D lab will receive $600,000 when a proposed contract is signed today, a $250,000 progress payment at the end of year 1, and $300,000 when the work is completed at the end of year 3. What is the present worth of the contract at 4.12% interest rate? <10 pts>

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