please show all work

8. In the year 2003, Frank Thomas had 4 years remaining on his Major League contract with the Chicago White Sox. Consistent with his contract, the Chicago White Sox invoked the "minimum skills clause of Frank Thomas' contract. This allowed the Chicago White Sox to pay Frank Thomas the remaining 4 years of his guaranteed contract on a deferred basis. Under this constraint, Frank would be paid a total of $250,000 per year for the next four years (remainder of his contract). In addition, he would be paid the remaining $39 million evenly over the next 20 years (1.95 million/year), after the completion of his contract. a.) (5 pts) If Frank faced an opportunity cost of 10% annually, what was the present value of his expected earnings in 2003? b.) (5 pts) Alternatively, Frank Thomas could have declared free agency and had the ability to earn $5 million each year for the next four years (guaranteed), with another team. If he chose this option, what was the present value of free agency, again using an interest rate of 10%? c.) (5 pts) If you were Frank Thomas' agent and had to advise him on the best option financially from the two above, which would you advise him to take? (Maximizing Frank's financial option is a win-win because it also maximizes your payout as his agent) Again, show your work? Simply guessing is not good enough for any credit