Monty Hardy recently rejected a $24,800,000, five-year contract with the Vancouver Seals hockey team. The contract offer called for an immediate signing bonus of $9,300,000 and annual payments of $3,100,000. To sweeten the deal, the president of player personnel for the Seals has now offered a $27,060,000, five-year contract. This contract calls for annual increases and a balloon payment at the end of five years. Year 1 Year 2 Year 3 Year 4 $3,100,000 3,180,000 3,260,000 3,340,000 3,640.000 10,540,000 $27,060,000 Year 5 Year 5 balloon payment Total 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, e3. 1.2151 and final answers to decimal places, c.8. 125. Enter negative amounts using either a negative sign preceding the number 23. 45 or parentheses es (45).) Present value of old contract Present value of new contract