James Smith, a professional athlete, currently has a contract that will pay him a large amount in the first year of his contract and smaller amounts thereafter. He and his agent have asked the team to restructure the contract. The team, though reluctant, obliged. James and his agent came up with a counteroffer. Year 1 N Current Contract $7,000,000 $3,000,000 $2,500,000 $1,500,000 Team's Offer $3,430,000 $3,150,000 $3,550,000 $3,225,000 Counteroffer $4,550,000 $6,210,000 $3,350,000 $2,310,000 3 4 (a) What is the present values of Current Contract using a 14 percent discount rate? (Round answer to 2 decimal places, e.g. 15.25. Do not round factor values.) Present value $