Question: (Present value of a complex stream) Don Draper has signed a contract that will pay him $70,000 at the beginning of each year for the

(Present value of a complex stream) Don Draper has signed a contract that will pay him $70,000 at the beginning of each year for the next 5 years, plus an additional $120,000 at the end of year 5. If 7 percent is the appropriate discount rate, what is the present value of this contract? The present value of the contract is $ (Round to the nearest cent.)

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