If you earn 6% per year on your bank account, how long will it take an account with $110 to double to $220?

A famous quarterback just signed a contract for $19.5 million, providing $3.9 million a year for 5 years. A less famous receiver signed a contract for $18.5 million, providing $4 million now and $2.9 million a year for 5 years. The interest rate is 10%.

a. What is the PV of the quarterback's contract? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

b. What is the PV of the receiver's contract? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

c. Who is better paid?

• Quarterback

• Receiver