A famous quarterback just signed a contract for $11 million, providing $2.1 million a year for 5 years. A less famous receiver signed a contract for $10.0 million, providing $4 million now and $1.2 million a year for 5 years. The interest rate is 10%.
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.)
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.)