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A famous quarterback just signed a contract for $11.6 million

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Question

A famous quarterback just signed a contract for $11.6 million, providing $3.5 million a year for 4 years. A less

famous receiver signed a contract for $10.6 million, providing $3 million now and $3.2 million a year for 4 years. The interest rate is 8%.

a. What is the PV of the quarterback’s contract? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

b. What is the PV of the receiver’s contract? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

 
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