Question
An All-Pro defensive lineman is in contract negotiations. The team has offered the following salary structure: Time Salary 0 ps 7,100,000 1 ps 5,700,000 2
An All-Pro defensive lineman is in contract negotiations. The team has offered the following salary structure:
Time | Salary | ||||
0 | ps | 7,100,000 | |||
1 | ps | 5,700,000 | |||
2 | ps | 6,200,000 | |||
3 | ps | 6,700,000 | |||
4 | ps | 8,100,000 | |||
5 | ps | 8,800,000 | |||
6 | ps | 9,600,000 | |||
All salaries must be paid in lump sums. The player has asked you as his agent to renegotiate the terms. He wants a signing bonus of $10.6 million payable today and an increase in contract value of $2,600,000. He also wants an equal salary paid every three months, with the first paycheck due in three months. If the interest rate is 6.1 percent compounded daily, what is the amount of her quarterly check? Assume 365 days in a year. (Do not round intermediate calculations and round your answer to 2 decimal places, for example, 32.16.)
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