Alexis Tyler is a star player for the Salt Lake City Lake Monsters and is ranked among the best player in the league. Alexis is wrapping up the contract year - the final playing season before a player becomes a free agent. The player has expressed an interest to remain with the Lake Monsters. The team has prepared a contract that would work with their strategic plans and other salary commitments. The offer is for five years of playing with the team. It includes a signing bonus of $3.0 and an annual salary of $4.0 for each of the five years.

What is the present value of the contract offer assuming an interest rate of 5%?