Question: Problem 5-20 Annuities (LO3) A famous quarterback just get a new compensation contract, which provides $3.4 million a year for 4 years. A less famous

Problem 5-20 Annuities (LO3) A famous quarterback just get a new compensation contract, which provides $3.4 million a year for 4 years. A less famous receiver signed a new compensation contract, which provides $3 million now and $2.9 million a year for 4 years. The interest rate is 8%. a. What is the PV of the quarterback's contract? (Do not round intermediate calculations. Enter your answer in milions rounded to 2 decimal places.) Present value b. What is the PV of the receiver's contract? (Do not round intermediate calculations. Enter your answer in milions rounded to 2 decimal places.) Present value

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