2.) Consider the following passage from the course textbook When the Cleveland Browns drafted wide receiver Braylon Edwards in 2005, he signed a contract that included a $6.5 million signing bonus (paid immediately). Lamont Smith, money. When you wait for your money, you are providing the team with an interest free Edwards' agent, remarked, "It was a priority for us...because we believe in the time value of Explain what Lamont Smith is getting at in this passage 3. In 1976, the owners of the ABA's St. Louis Spirits gave up $800.000 up-front in exchange for a 4/7 share of TV revenue in perpetuity. By 2014, they were accruing $20M annually in TV payments, and it was growing, but they gave this up for a $500M buyout. Explain why this was a reasonable buyout for the owners to accept, using an example of an appropriate time value of money calculation for support