10. A press release by the Dallas Cowboys football team just announced the signing of a star rookie player to a new "$20 million dollar contract" consisting of a signing bonus of $2 million (payable now) and a guaran- teed salary of $3.6 million per year, for five years. The salary portion of the contract will be paid in equal monthly payments over the term of the contract. Using a required return, or discount rate, of 8.4% per year, calculate the approximate value of this contract (rounded to the nearest $100). a. $22,250,000 b $13,713,700 $16,656,800 NOTE: 12 Pay/zr Pay / N = 5* 12 = 60 PMT = 3,600 K/12= 300 K (MO) d. $14,713,100 add PV of Salary, e. $19,612,900 to $2M - 2M+ 14,656 Bonus = 16,656 K 1/4 = 8.4% arr The lease payments are end-