Question: Don Draper has signed a contract that will pay him $ 70,000 at the beginning of each year for the next 9 years, plus an

Don Draper has signed a contract that will pay him $ 70,000 at the beginning of each year for the next 9 years, plus an additional $ 150,000 at the end of year 9. If 7 percent is the appropriate discount rate, what is the present value of this contract?

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