In 2019, Atlanta Braves signed an 8-year extension contract with superstar rookie Ronald Acuna Jr. According to the contract, Acuna will receive $1 million in 2019 (t=0); $1 million in 2020 (t=1); $5 million in 2021 (t=2); $15 million in 2022 (t=3); and $17 million each year from 2023 - 2026 (t = 4 - 7). Assuming that the discount rate is 9% for the Braves, what is the present value of Acunas new contract for the year 2019 (t=0)? Answer: $60.24 million. Please explain in very simple terms. Thank you.