The four actors below have just signed a contract to star in a dramatic movie about relationships among hospital doctors. Each person signs independent contracts with the following terms: Derek Isabel Meredith George Contract Terms Contract Payment Amount Date $600,000 2 years 640,000 3 years 500,000 Today 500,000 1 year Required: 1-a. Assuming an annual discount rate of 9%, calculate the present value of the contract amount. (EV of $1. PV of $1. FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.) Present Value Derek Isabel Meredith George Tom and Suri decide to take a worldwide cruise. To do so, they need to save $30,000. They plan to invest $4,000 at the end of each year for the next seven years to earn 8% compounded annually. 1-a. Calculate the future value of the investment. (FV of $1. PV of $1. FVA of $1. and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answer to 2 decimal places.) Future value 1-6. Will Tom and Suri reach their goal of $30,000 in seven years? OO Yes