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An All-Pro defensive lineman is in contract negotiations. The team has offered the following salary structure: Year Salary 0 $ 3,000,000 1 $ 3,000,000 2

An All-Pro defensive lineman is in contract negotiations. The team has offered the following salary structure:

Year Salary

0 $ 3,000,000

1 $ 3,000,000

2 $ 3,800,000

3 $ 4,700,000

4 $ 5,400,000

5 $ 6,000,000

6 $ 6,000,000

All salaries are to be paid in lump sums. The player has asked you as his agent to renegotiate the terms. He wants a $9 million signing bonus payable today. He also wants an equal salary paid every three months, with the first paycheck three months from now. If the interest rate is APR 6 percent compounded quarterly, what is the amount of his quarterly check?

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