Carla Hardy recently rejected a $22,000,000, five-year contract with the Vancouver Seals hockey team. The contract offer called for an immediate signing bonus of $8,250,000 and annual payments of $2,750,000. To sweeten the deal, the president of player personnel for the Seals has now offered a $24,050,000, 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 $2,750,000 2.830,000 2.910.000 2.990,000 3,220,000 9,350,000 $24,050,000 Year 5 Year 5 balloon payment Total Click here to view factor 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 factor calculations to 4 decimal places, eg. 1.2151 and final answers to decimal places, eg. 125. Enter negative amounts using either a negative sign preceding the number es. - 45 or parentheses eg. (45) Present value of old contract Present value of new contract In present value terms, the second contract is than the old one