The four actors below have just signed a contract to star in a dramatic movie about relationships among hospital doctors. Filming is expected to take two years to complete. Each person signs independent contracts today with the following terms:

Contract Terms

Contract Amount Payment Date

Derek $ $600,0002$ years

Isabel $640,0003$ years

Meredith $500,000$ Today

George $500,0001$ year

assuming annual discount rate of $9\%$ calculate the present value of the contract amount