12) Carter "Flip" Allison recently rejected an $14,000,000, five year contract with the Vancouver Seals. The contract offer called for an immediate signing bonus of $9,000,000 and annual payments of $1,000,000. To "sweeten" the deal, the president of player personnel for the Seals has now offered a $16,000,000, five-year contract. This contract calls for annual increases and a balloon payment at the end of five years. Suppose you are Allison's agent and you wish to evaluate the two contracts using a required rate of return of 14 percent. In present value terms, how much better/worse is the second contract