An All-Pro defensive lineman is in contract negotiations. The team has offered the following salary structure: Time Salary 0 $ 6,100,000 1 4,700,000 2 5,200,000 3 5,700,000 4 7,100,000 5 7,800,000 6 8,600,000 All salaries are to be paid in a lump sum.
The player has asked you as his agent to renegotiate the terms. He wants a signing bonus of $9.6 million payable today and a contract value increase of $1,600,000. He also wants an equal salary paid every three months, with the first paycheck three months from now.
If the interest rate is an APR of 5.1 percent compounded daily, what is the amount of his quarterly check? Assume 365 days in a year.
(Enter your answer in dollars, not millions of dollars, e.g., 1,234,567. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Quarterly check amount $