A hockey player receives an offer to join a team. The offer is as follows: he will receive 2 million straight away, with the firm of the contract. Within a year it will receive $ 5 million, $ 8 million at the end of the second year, and $ 10 million at the end of the third year. In the past, he has earned 15% annually in these financial investments, and he believes he should use this rate in making his financial decisions. He wants to know the present value of the contract because he has to compare the offer with others he thinks he will receive in the afternoon. The present value of the contract offered is: