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An All - Pro defensive lineman is in contract negotiations. The team has offered the following salary structure: TIME SALARY 0 $ 7 , 0

An All-Pro defensive lineman is in contract negotiations. The team has
offered the following salary structure:
TIME SALARY
0 $7,000,000
16,100,000
26,900,000
37,600,000
48,200,000
59,500,000
68,400,000
All salaries are to be paid in a lump sum. The player has asked you as his agent to renegotiate
the terms. He wants a signing bonus of $9 million payable today and a contract value increase of
$2.5 million. He also wants an equal salary paid every three months, with the first paycheck three
months from now. If the interest rate is an APR of 5 percent compounded daily, what is the amount of
his quarterly check? Assume 365 days in a year.

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