An All-Pro defensive lineman is in contract negotiations. The team has offered the following salary structure:
Time Salary
0 .......... $ 8,500,000
1 .......... 3,900,000
2 .......... 4,600,000
3 .......... 5,300,000
4 .......... 5,800,000
5 .......... 6,400,000
6 .......... 7,300,000
All salaries are to be paid in a lump sum. The player has asked you as his agent to renegotiate the terms. He wants a $ 10 million signing bonus payable today and a contract value increase of $ 1,500,000. He also wants an equal salary paid every three months, with the first paycheck three months from now. If the interest rate is 5 percent compounded daily, what is the amount of his quarterly check? Assume 365 days in a year.