Exercise C-3 Calculate the present value of a single amount (LOC-2) The four actors below have just signed a contract to star in a dramatic movie about relationships among hospital doctors. Each person signs independent contracts with the following terms: Derek Isabel Meredith George Contract Terms Contract Payment Amount Date $600,000 2 years 640,000 3 years 500,000 Today 500,000 1 year Required: 1-a. Assuming an annual discount rate of 9%, calculate the present value of the contract amount. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.) Present Value Derek Isabel Meredith George