You have just turned 25 and may now spend a portion of the trust fund your parents established for you. The terms of the trust fund allow you to withdraw 60 beginning-of-the-year cash flows of $100,000 each. An investment firm has offered to pay you cash for all of the fund today. If the rate they use to discount the cash flows is 16% per year, what is their offer price today for your pension fund?

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