Question: A baseball player agrees to defer $4 million from his salary this year for 8 years at 8 percent compounded annually. Beginning exactly 8 years

A baseball player agrees to defer $4 million from his salary this year for 8 years at 8 percent compounded annually. Beginning exactly 8 years from today the team will make the first payment of his deferred salary as a 9-year annuity at 8 percent compounded annually. What will be the amount of this annuity payment?

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