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A sports team, in an effort to solve the salary cap problem, has offered a player a contract of $1 million a year for the

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A sports team, in an effort to solve the salary cap problem, has offered a player a contract of $1 million a year for the next season with the payments growing at 7% per year for the next 25 years. The discount rate is 13%. What is the value of this contract today? $5,824,965.76

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