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In 2015, a baseball player signed a contract reported to be worth $89.8 million. The contract was to be paid as $13.2 million in 2015, $13.7 million in 2016, $15.6 million in 2017, $15.7 million in 2018, $15.7 million in 2019, and $15.9 million in 2020. If the appropriate interest rate is 13 percent, what kind of deal did the player snag? Assume all payments are paid at the end of the 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.) Present value $

In 2015, a baseball player signed a contract reported to be worth $89.8 million. The contract was to be paid as $13.2 million in 2015, $13.7 million in 2016, $15.6 million in 2017, $15.7 million in 2018, $15.7 million in 2019, and $15.9 million in 2020. If the appropriate interest rate is 13 percent, what kind of deal did the player snag? Assume all payments are paid at the end of the 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.) Present value $

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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In 2015, a baseball player signed a contract reported to be worth $89.8 million. The contract was to be paid as $13.2 million in 2015, $13.7 million in 2016, $15.6 million in 2017, $15.7 million in 2018, $15.7 million in 2019, and $15.9 million in 2020. If the appropriate interest rate is 13 percent, what kind of deal did the player snag? Assume all payments are paid at the end of the 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.) Present value $
Transcribed Image Text:In 2015, a baseball player signed a contract reported to be worth $89.8 million. The contract was to be paid as $13.2 million in 2015, $13.7 million in 2016, $15.6 million in 2017, $15.7 million in 2018, $15.7 million in 2019, and $15.9 million in 2020. If the appropriate interest rate is 13 percent, what kind of deal did the player snag? Assume all payments are paid at the end of the 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.) Present value $
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