7. An All-Pro defensive lineman is in contract negotiations. The team has offered the following annual salary structure with a signing bonus of $6,300,000 at time equals 0.

Time Salary

0 $ 6,300,000

1 4,900,000

2 5,400,000

3 5,900,000

4 7,300,000

5 8,000,000

6 8,800,000

All salaries are to be paid in a lump sum. The player has asked you as his agent to renegotiate the terms. He wants a $9.8 million signing bonus payable today instead of the $6,300,000 that was offered. He also wants a contract value increase of $1,800,000. He also wants an equal salary paid every three months, with the first paycheck three months from now. If the interest rate is 5.3 percent compounded daily, what is the amount of his quarterly check? Assume 365 days in a year. HINT: The signing bonus is part of the contract value.