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Your employer gives you a loyalty bonus of $100,000 at the end of every five years. Suppose this is the beginning of your first year at the company and you plan to retire at the company in 38 years. At the end of year 38, although there is no regular loyalty bonus, you will receive a one-time payment of 1 million. Assume the return is compounded annually and there is no income tax.
Calculate the present value of the total bonus (assume that interest rate is 3%).
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