Analysts on Wall Street get paid enormous amounts of money to leave their current firm and bring their clients and business with them to a new firm. The bonus structure for bringing new business to a firm was spread over 6 years. The average analyst was paid $16 million immediately to leave their old firm, $6.5 million at the end of year 1, $7 million at the end of year 2, $8.5 million at the end of year 3, $9 million at the end of year 4, $9 million at the end of year 5, and $11.5 million at the end of year 6. If the appropriate interest rate is 8% APR, what is the value of the deal today? Assume all payments other than the first $16 million are paid at the end of the year.

a. $38,754,932.47

b. $54,754,932.47

c. $49,209,439.75

d. $22,754,932.47