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1. Hajee Narris just signed a contract that pays $800,000 signing bonus, plus $800,000 in year 1 and $600,000 in each of the following four

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1. Hajee Narris just signed a contract that pays $800,000 signing bonus, plus $800,000 in year 1 and $600,000 in each of the following four years (i.e.t-2, 3, 4, and 5). If the discount rate is 8%, what is the present value of his contract (including the signing bonus)? (20 points)

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