PepsiCo and Dr. Pepper Inc. have placed bids to control the naming rights for Savannah's new arena. Both bids are for $10,000,000 to be paid over 10 years. PepsiCo's bid requires the company to pay $1,000,000 on Dec 31 each year. Dr. Pepper's bid has the company pay $500,000 on both June 30 and Dec 31. The current discount rate is 3%. Which bid offer's the highest present value