Terilynn has spent thousands of dollars throughout the years on her son, Christopher's hockey. It has now paid off as he has just signed a three year $66 million dollar deal with the Toronto Maple Leafs. The terms of the contract include a signing bonus of $5 million and salaries of $18.2 million, $20.8 million, and $22 million. The news media always ignores the time value of money when they report the "value" of professional athletes' contracts. What is the economic value of Christopher's contract on the date it was signed? Assume that the signing bonus was paid on that date and that the annual salaries will be paid in lump amounts each year after for the three years. Assume money is worth 6% compounded semi-annually