You wrote a piece of software that does a better job of allowing computers to network than any other program designed for this purpose. A large networking company wants to incorporate your software into its systems and is offering to pay you $505,000 today, plus $505,000 at the end of each of the following six years, for permission to do this. The appropriate interest rate is 7 percent. Suppose that the networking company will not start paying you until the first of the new systems that uses your software is sold in two years. What is the present value of that annuity? (Round factor values to 4 decimal places, e.g. 1.521 and final answer to 2 decimal places, e.g. 15.25.)