Exercise B$-1($Algo$)$ Present value of an amount LO P$1$

Mike Derr Company expects to earn $8\%$ per year on an investment that will pay $$596,000$ nine years from now. $($PV of $$1,FV$ of $$1,$ PVA of $$1,$ and FVA of $$1)$

Note: Use appropriate factor$($s$)$ from the tables provided. Round "Table Factor" to $4$ decimal places.

Compute the present value of this investment.

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