Cindy is considering going to law school. If she does, she will spend $70,000 on tuition and books to get a college education (during the first time period), $140,000 on tuition and books to get a law degree (during the second time period), and her law degree will earn her $700,000 during the remainder of her work-life (during the third time period). Cindy's time preference for money is associated with a per-period interest rate of 10 percent. Approximately what is Cindy's present value of obtaining a law degree?

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