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

(Present value of a complex stream)Don Draper has signed a contract that will pay him $70,000 at the end of each year for the next 6 years, plus an additional $110,000 at the end of year 6. If 7 percent is the appropriate discount rate, what is the present value of this contract?

The present value of the contract is $ ____ enter your response here. (Round to the nearest cent.)

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