Calculating Annuity Values An All-Pro defensive lineman is in contract negotiations. The team has offered the following salary structure:
![1368_c5a44ae6-60ea-494b-80ba-5285cfdefb0f.png](https://secure.tutorsglobe.com/CMSImages/1368_c5a44ae6-60ea-494b-80ba-5285cfdefb0f.png)
All salaries are to be paid in a lump sum. The player has asked you as his agent to renegotiate the terms. He wants an $8 million signing bonus payable today and a contract value increase of $1,500,000. He also wants an equal salary paid every three months, with the first paycheck three months from now. If the interest rate is 5 percent compounded daily, what is the amount of his quarterly check? Assume 365 days in a year.