A baseball player is offered a 5-year contract that pays him the following amounts: Year 1: $1.08 million Year 2: $1.78 million. Year 3: $2.03 million. Year 4: $2.57 million Year 5: $3.05 million Under the terms of the agreement all payments are made at the end of each year. Instead of accepting the contract, the baseball player asks his agent to negotiate a contract that has a present value of $1.50 million more than that which has been offered. Moreover, the player wants to receive his payments in the form of a 5-year ANNUITY DUE. All cash flows are discounted at 12.00 percent. If the team were to agree to the player's terms, what would be the player's annual salary (in millions of dollars)? (Express answer in millions. $1,000,000 would be 1.00) Submit Answer format: Currency: Round to: 4 decimal places.

A baseball player is offered a 5-year contract that pays him the following amounts: Year 1: $1.08 million Year 2: $1.78 million. Year 3: $2.03 million. Year 4: $2.57 million Year 5: $3.05 million Under the terms of the agreement all payments are made at the end of each year. Instead of accepting the contract, the baseball player asks his agent to negotiate a contract that has a present value of $1.50 million more than that which has been offered. Moreover, the player wants to receive his payments in the form of a 5-year ANNUITY DUE. All cash flows are discounted at 12.00 percent. If the team were to agree to the player's terms, what would be the player's annual salary (in millions of dollars)? (Express answer in millions. $1,000,000 would be 1.00) Submit Answer format: Currency: Round to: 4 decimal places.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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