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A baseball player is offered a 5 - year contract that pays him the following amounts: Year 1 : $ 1 . 6 million Year

A baseball player is offered a 5-year contract that pays him the following amounts:
Year 1: $1.6 million
Year 2: $2.1 million
Year 3: $1.0 million
Year 4: $1.4 million
Year 5: $3.0 million
Under the terms of the agreement all payments are made at the end of each year. nstead of accepting the contract, the baseball player asks his agent to negotiate contract that has a present value of $3 million more than that which has been ffered. Moreover, the player wants to receive his payments in the form of a 5-year nnuity due. All cash flows are discounted at 10.6 percent. If the team were agree to the player's terms, what would be the player's annual salary (in millions dollars)?
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