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10.Sam Braxton, the number one draft pick of the Phoenix Cardinals (NFL), and his agent...

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Accounting

10.Sam Braxton, the number one draft pick of the Phoenix Cardinals (NFL), and his agent are evaluating the following contract option. The contract provides for a series of annual payments over the next three years. What is the present value of these payments if Sam's required rate of return is 10 percent? (Hint: discount each cash flow to the present and then sum.)

Year 1: $1,000,000

Year 2: $1,250,000

Year 3: $1,500,000

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