Please show work in a simple manner please

1.) You just won a prize of $240,000 to be paid $2,000 a month for 10 years. If you can earn 7% a year, what is the prize worth to you now? What is the effective interest rate? (6 points) 2.) The Cowboys just signed a new rookie to a 5 year contract with a $12 million signing bonus and $265,000 to be paid each month. Assume an 9% discount rate. How much does his contract worth? (6 points)