A famous quarterback just signed a $14 million contract providing $3.5 million a year for 4 years. A less famous receiver signed a $10.6 million 4-year contract 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.)

c. Who is better paid?

Quarterback

Receiver