Don Draper has signed a contract that will pay him $ $50$ comma $000$ at the end of each year for the next $7$years$,$ plus an additional $ $110$ comma $000$ at the end of year $7.$ If $8$ percent is the appropriate discount$$ rate, what is the present value of this$$ contract?

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Part $1$

a$.$ What is the present value of $$$$50$ comma $000$ at the end of each year for the next $7$ years if the discount rate is $8$percent$?$

$$$

$($Round to the nearest$$ cent.$)$

b$.$ What is the present value of $$$$110$ comma $000$ at the end of year $7$ if the discount rate is $8$percent$?$

$$$

$($Round to the nearest$$ cent.$)$

c$.$ What is the total present value of this$$ contract?

$$$

$($Round to the nearest$$ cent.$)$