Novak 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 $21,040,000, 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 Year 5 Year 5 balloon payment Total $2,400,000 2,480,000 2,560,000 2,640,000 2,800,000 8,160,000 $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, e.g. 1.2151 and final answers to 0 decimal places, e.g. 125. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Present value of old contract Present value of new contract than the old one. In present value terms, the second contract is v better not better