6. NBA rookie contracts are offered based on their NBA Rookie Scale for the season. The table below shows the 2022-2023 NBA Rookie salary scale for the first three picks. Pick 1st year Salary 2nd year Salary 3rd year 4th year option: Option salary % increased over 3rd year salary 1 $9,212,600 $9,673,400 $10,134,000 26.10% 2 $8,242,700 $8,655,000 $9,067,200 26.20% 3 $7,402,200 $7,772,100 $8,142,400 26.40% Players selected in the first round of the NBA draft are given 4-year contracts. Suppose that the four years of the deal are fully guaranteed at 100% of the amounts showed in the table. Suppose that rookies receive the full amount of their salary at the beginning of each year. If the rookies can place their money at 7% per annum effective, find the present value of the 4-year contract for each of the first three picks.