Carla Hardy recently rejected a $21.200,000, five year contract with the Vancouver Seals hockey team. The contract offer called for an immediate signing bonus of $7.950,000 and annual payments of $2,650,000. To sweeten the deal, the president of player personnel for the Seals has now offered a $23,190,000, five year contract. This contract calls for annual increases and a balloon payment at the end of five years. Year 1 Year 2 Year 3 Year 4 Years Year 5 balloon payment Total $2,650,000 2,730,000 2.810,000 2890,000 3,100,000 9,010,000 $23,190,000 Click here to view actor tables Suppose you are Hardy's agent and you wish to evaluate the two contracts using a required rate of return of 15 percent. In present value terms, how much better is the second contract? (Round present value foctor calculations to 4 decimal places, 1.2151 and final answers to decimal places, eg 125. Enter negative amounts using either a negative sin preceding the number o.s. -45 or parentheses es. 1450 Present value of old contract Present value of new contract In present value terms, the second contractis than the old one