Problem $5-20$ Annuities $($LO$3)$

A famous quarterback just signed a $$12\mathrm{.}6$ million contract providing $$2\mathrm{.}1$ million a year for $6$ years. A less famous receiver signed a $$11\mathrm{.}6$ million $6-$year contract providing $$5$ million now and $$1\mathrm{.}1$ million a year for $6$ years. The interest rate is $9\%.$

a$.$ What is the PV of the quarterback's contract? $($Do not round intermediate calculations. Enter your answer in millions rounded to $2$ decimal places.$)$

Present value

million

b$.$ What is the PV of the receiver's contract? $($Do not round intermediate calculations. Enter your answer in millions rounded to $2$ decimal places.$)$

$\backslash$table$[[$Present value,million$]]$

c$.$ Who is better paid?

Quarterback

Receiver