A famous quarterback just get a new compensation contract, which provides $2.8 million a year for 5 years. A less famous receiver signed a new compensation contract, which provides $4 million now and $1.8 million a year for 5 years. The interest rate is 10%. a. What is the PV of the quarterback's contract? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Present value million b. What is the PV of the receiver's contract? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Present value million c. Who is better paid? Quarterback Receiver First National Bank pays 6.6% interest compounded semiannually. Second National Bank pays 6% interest compounded monthly a. Calculate the effective annual rate for each bank. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) First National Bank Second National Bank Effective Annual Rate % % b. Which bank offers the higher effective annual rate? O First National Bank O Second National Bank