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:

$\backslash$table$[[,$Contract$],[,$Contract,Payment$],[$Amount$,$Date,$],[$Derek$,$$$600,000,2$ years$],[$Isabel$,640,000,3$ years$],[$Meredith$,500,000,$Today$],[$George$,500,000,1$ year$]]$

Required:

$1-$a$.$ Assuming an annual discount rate of $9\%,$ calculate the present value of the contract amount. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$

$1-$b$.$ Which of the four actors is actually being paid the most?

Complete this question by entering your answers in the tabs below.

Req $1A$

Assuming an annual discount rate of $9\%,$ calculate the present value of the contract amount.

Note: Use tables, Excel, or a financial calculator. Round your answers to $2$ decimal places.

$\backslash$table$[[,$Present Value$],[$Derek$,],[$Isabel$,],[$Meredith$,],[$George$,]]$