7 in the year 1996 33 year old bobby bonilla was one of the best players in baseball. the 3b/rf had averaged 25 hr, 97 rbi, 93r and a .284 ba over the previous 8 full seasons. his contract expired and he had became a free agent. he signed a 4 year $22.7 million deal with the florida marlins. the deal was initially a success. he hit .297 with 17 hr and helped the marlins win the 1997 world series

but in 1988 he injured his knee andit would never fully heal. he was traded twice . in 1999 he hit .160 in only 141 plate apperances for the ny mets.

the mets still owed bonilla $5.9 million for the 2000 season, but they didnt want him to play. they were facing cash flow issues. however, and he couldnt pay his replacement if they also paid him. the mets owner was heavily invested with a hedge fund manager named bernie madoff who generating very high returns. the mets owner did not want to withdraw cash from madoff to inject cash into the mets.

on july 1 2000, bonilla and the mets agreed to defer th 5.9 million untill 2011 and then pay it off in 25 equal annual payments. the annual discount rate for the enitre contract (200-2035) would be 8%. the first annual payment would be made on july 1, 2011.

how much are each of the annual payments? show your work.