Kendall Fuller is considering a move from the Washington Football club to the Carolina Panthers. His current Washington contract is about to expire. Washington is offering him a new contract that will pay him $15 million the first year, continue for 5 years, have a signing bonus of $8 million, and offer salary escalation of 4% per year. Carolina is offering a contract that will pay $16 million per year for 4 years a signing bonus of $12 million and a one-time payment in the last year (' year) of the contract. How much would the one time payment have to be for the two contracts to have equal value? Assume all salary payments are end-of-year payments and are guaranteed the interest rate for both contracts is 8%, and that signing bonuses are payable today