Suppose you are the agent for a baseball pitcher. Suppose he is offered the following contract by the New York Yankees: a signing bonus of $5,000,000 (to be received immediately), a first year's salary of $8,000,000 (to be received one year from today), a second year's salary of $9,000,000 (to be received two years from today), and a third year's salary of $10,000,000 (to be received three years from today). If the discount rate is 5%, what is the present value of the Yankees' contract offer? $30,476,190.48 $28,019,703.72 $29,182,593.67 $29,420,688.91