Assume that Frederik achieved his bonus requirements both years and he signed the contract right away on January $1,2021.$ Assume

that cash flows are discounted at $11\mathrm{.}6$ percent. Ignore any taxes. Frederik's signing bonus was paid on the day the contract was signed.

His salary and bonuses, other than the signing bonus, are paid at the end of the year. What was the PV of this contract in January

when Frederik signed it$?($Do not round intermediate calculations. Round the answer to $2$ decimal places. Omit $ sign in your

response.$)$

Present value