$($Present value of a complex$$ stream$)$Don Draper has signed a contract that will pay him $ $55$ comma $000$ at the end of each year for the next $7$years$,$ plus an additional $ $110$ comma $000$ at the end of year $7.$ If $8$ percent is the appropriate discount$$ rate, what is the present value of this$$ contract?

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Part $1$

The present value of the contract is $$$

$$

enter your response here.$($Round to the nearest$$ cent.$)$