Icahn Tackel just signed an $11.5 million, four year contract with an NFL team. He received a signing bonus of $2 million; $1.5 million at the end of year one; $3 million at the end of year two; $3.5 million at the end of year three; and 1.5 million at the end of year four. What is the present value of his contract if money can earn 4 percent per year?