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

A famous quarterback just signed a $$14\mathrm{.}4$ million contract providing $$3\mathrm{.}6$ million a year for $4$ years. A less famous receiver signed a

$$15\mathrm{.}0$ million $4-$year contract providing $$3$ million now and $$3\mathrm{.}0$ million a year for $4$ years. The interest rate is $9\%.$

a$.$ What is the PV of the quarterback's contract?

Note: 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?

Note: Do not round intermediate calculations. Enter your answer in millions rounded to $2$ decimal places.

Present value

million

c$.$ Who is better paid?

Quarterback

Receiver