Exercise 5-5 (Algo) Present value; single amount (LO 5-3) 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: Contract Terms Contract Payment Amount Date $ 2 Derek 470,000 years 3 Isabel 510,000 years Meredith 515,000 Today George 370,000 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 Req 1B 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. Present Value Derek Isabel Meredith George < Req 1A Req 1B > Show less