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===Function===
It is essentially a dominant function chord whose function is to resolve to the dominant chord of the current key, the same way the V chord normally resolves to I. That chord then resolves to the actual I or i chord. So the entire progression would be V/V - V - I.
The overall effect is to extend the dominant-tonic resolution over a three chord change. It helps create a little extra tension, making the final resolution that much stronger.
===Example===