Need help solving practice question, cant seem to figure out the present value #. Please show your work to help see what I did wrong.

Monty Hardy recently rejected a $18,800,000, five-year contract with the Vancouver Seals hockey team. The contract offer called for an immediate signing bonus of $7,050,000 and annual payments of $2,350,000. To sweeten the deal, the president of player personnel for the Seals has now offered a $20,610,000, five-year contract. This contract calls for annual increases and a balloon payment at the end of five years. Year 1 $2,350,000 Year 2 2,430,000 Year 3 2,510,000 Year 4 2,590,000 Year 5 2,740,000 Year 5 balloon payment 7,990,000 Total $20,610,000 Click here to view factor tables Suppose you are Hardy's agent and you wish to evaluate the two contracts using a required rate of return of 15 percent. In present value terms, how much better is the second contract? (Round present value factor calculations to 4 decimal places, eg. 1.2151 and final answers to decimal places, eg. 125. Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (451) 13718313 Present value of old contract Present value of new contract 12347126 In present value terms, the second contract is not better than the old one