A creative general manager has offered two different contracts to a vain quarterback. The contracts are shown below: CONTACTA CONTRACTB YEAR SALARY YEAR SALARY 0 $516,500.00 0 $306,575.00 1 $306,575.00 $516,500.00 1516,500.00 2 $808,750.00 2 3 $516,500.00 $808,750.00 4 $516,500.00 4 $808,750.00 The newspapers report the total dollars of the contract, so contract A will pay a total of $2,582,500.00, while contract B will pay $3,039,400.00. The player will select contract B as it has more publicity. The team can earn 7.00% on their investments, so let's determine the value of each contract. What is the present value of contract A? Submit Answer format: Currency: Round to: 2 decimal places