could you solve this with explanation?

The Atlanta Braves signed an outfielder to a five-year contract. The contract calls for the following cash flows:

• a signing bonus of $2.00 million today,
• $12.12 million in year 1,
• $13.32 million in year 2,
• $14.40 million in year 3,
• $15.01 million in year 4, and
• $16.01 million in year 5.

If the outfielder has a discount rate of 5.00% per year, what is the value of his contract today (in millions)? (Express answer in millions. $1,000,000 would be 1.00)