Phil Mickelson is considering a sponsorship opportunity to promote Taylor Made golf clubs. The deal will pay him: -$12.69mm upfront -a $4mm annuity for 9 years starting 2 years from now - a terminal payment of $9mm in 10 years.

What is the value of the contract to Phil today? Assume an 8% discount rate. Round to the nearest million $ and use the $ symbol. $63mm would be the form of a correct answer