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Imagine you received two offers. You need to decide which one means more money for you! OFFER # 1 : Right away, you receive $

Imagine you received two offers. You need to decide which one means more money for you!
OFFER #1:
Right away, you receive $2,460,000. Also, you will receive 40 back-to-back payments of $1,230,000 each, six months apart, and the first one of these will take place in one year. The discount rate is 10 percent, with daily compounding.
OFFER #2:
Right away, you receive $25 million. And nothing else in the future.
To make your decision, you need to first figure out how much Offer #1 is worth to you in today's dollars. The answer is: $____.
(Assume thirty days in each month and twelve months in each year.)

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