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 $550.000 2 years 590,000 3 years 475,000 Today 450,000 1 year Required: 1-a. Assuming an annual discount rate of 8%, calculate the present value of the contract amount (FV of $1. PV of $1. EVA 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 1-b. Which of the four actors is actually being paid the most? O Meredith O Derek O George Isabel