A local newspaper headline blared, “Shawn Smith Signed for $30 Million.” A reading of the article revealed that on April 1,2009. Shawn Smith, the former record breaking center from Hockey University,...

A local newspaper headline blared, “Shawn Smith Signed for $30 Million.” A reading of the article revealed that on April 1,2009. Shawn Smith, the former record breaking center from Hockey University, signed a

$30 million package with the Edmonton Ice Knights. The terms of the contract were $3 million immediately, $2.4 million per year for the first five years (with the first payment after one year), and $3 million per year for the next five years (with the first payment at year 6). If Shawn’s interest is 8% per year, what would his contract be worth at the time he signs it?