Here is the question: Your client, a professional baseball player is reviewing a new 5-year contract that calls for a signing bonus of $5 million (now), an annual salary of $1.2 million per year to be received at the end of the next five years, and a possible back-end performance payment of $6 million to be received at the end of year 5. The team has publicly stated that they've offered your client a $17 million contract. Using a discount rate of 20% and assuming your client earns the back-end performance payment, on a before-tax basis (i.e., just work with the cash flows listed), what is the present value of your client's new contract offer