Jimmy Shutout has been a star player for the Lethbridge Giants for many years. His agent has negotiated one final contract for him after which Jimmy will retire. Jimmy will receive all of the following: - A signing bonus of $250,000 cash - An annual salary of $500,000 for 4 years (in annual instalments) starting one year from today. - One year after the last payment of $500,000 is made to Slider, Jimmy will receive $100.000 payment per year for 3 years. REQUIRED: Assuming that interest rate at 5% is charged on personal loans to professional athletes, compute the present value of the $2,550,000 contract signed by Jimmy with the Lethbridge Giants