$16.$ Application of Time Value of Money Skills

Flynn Fireballer has been playing baseball since he was five years old and has always dreamed of playing in the big leagues. Last season, he was a starting pitcher for a double$-$A $($AA$)-$level baseball team, the Yakima Hops; last year, he was the first runner$-$up for the Minor League Player of the Year award. Using his $97$ mph fastball, an impeccable curve ball and slider, and a reliable changeup pitch, he achieved a $17-3$ win$$loss record, an earned run average $($ERA$)$ of $2\mathrm{.}84,$ and $108$ strikeouts in $123\mathrm{.}1$ innings pitched. He is also your best friend.

Two weeks ago, on his three$-$year anniversary with the team, Flynn received the following email from his agent, Noah Never$-$Enough, indicating that he is being called up to the Wichita Wizards, the Hops$$s corresponding Major League Baseball $($MLB$)$ team. Moreover, Flynn$$s contract is being revised to reflect his new status. The email describes the general terms and conditions of Flynn$$s revised contract.