Martinez Hardy recently rejected a $19.200,000, five-year contract with the Vancouver Seals hockey team. The contract offer called for an immediate signing bonus of $7.200,000 and annual payments of $2,400.000. To sweeten the deal, the president of player personnel for the Seals has now offered a 521.040,000, five-year contract. This contract calls for annual increases and a balloon payment at the end of five years. Year 1 $2,400,000 Year 2 2.480,000 Year 3 2560,000 Year 4 2.640.000 Years 2.800.000 Year 5 balloon payment 8.160.000 Total $21.040,000 Click here to view factor tables Suppose you are Hardy's agent and you wish to evaluate the two contracts using a required rate of return of 15 percent. In present value terms, how much better is the second contract? (Round present value factor calculations to 4 decimal places, eg 1.2151 and final answers to decimal places, eg. 125. Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg. (451) Present value of old contract Present value of new contract In present value terms the second contract is than the old one