1. Around January 1, 1993, Barbara Streisand (a singer/actress for those of you too young to know!) signed a recording contract with Sony Corporation for $2 million each year for 10 years. Suppose the first payment of $2 million was made on the day of signing the deal and all other payments to her were made on the first day of each subsequent year. Suppose all payments were directed into her bank account earning 4% a year, compounded semi-annually.

1. i) Assuming she never made any withdrawals from the account, how much money was in her account on the day the last payment was made? (Be sure to use the formula for finding sum of a series.)
2. ii) What was the present discounted value of the recording contract to her the day it was signed? (Be sure to use the formula for finding sum of a series.)