You are a sports agent for Chase Elliott, a NASCAR's most popular driver. He drives for Hendrick Motorsports, one of NASCAR's leading teams. Hendrick has offered your client a 4-year contract starting at $12.0 million per year and increasing by 8% per year. While Chase is satisfied with the compensation, he wants different terms. He wants to take a lump-sum payment upfront instead of the annual payments. You believe the appropriate discount rate is 10%. What would you tell Chase the present value of his impending contract is? Please show your work