1. After spending the first 15 years of his professional career with the Boston Celtics, veteran basketball player Paul Pierce signed a 3-year contract with the Los Angeles Clippers in 2015. For simplicity, assume that Pierce would receive the following after-tax cash flows:

• At Year 0: a signing bonus of $1 million;
• At Year 1: $2.5 million;
• At Year 2: $1.5 million;
• At Year 3: $1 million.

Pierce puts all his money into a savings account at an interest rate of 6% (APR, compounded monthly), and Pierce decides to discount all future cash flows using this rate. Imagine that Pierce wants a slightly different contract which has exactly the same present value, a zero signing bonus and equal monthly payments at the end of each month. What is the amount of each monthly payment (ignore all taxes and bonuses)?