A despised football coach is scheduled to make $900,800.00 per year for the next 8 years. The first payment is scheduled to be made exactly one year from today. After a 3-9 record last year, the athletic department would like to buy out the remaining 8 years of his contract. The athletic department wants to value the remaining years with a 10.00% discount rate. The coachs agent would like to use 2.00%.

What is the present value of the athletic department offer?