At the end of 2000, the New York Mets owed their player Bobbie Bonilla a remaining $5.9 million on his contract. Instead of paying that cash up-front, the team agreed to give Bonilla $1.19 million per year for 25 years, a total of $29.75 million. But the payments were deferred, only starting at the end of 2011, eleven year later. What was the present value as of 2000, of this renegotiated contract, if the appropriate discount rate was 8%? Did Mr. Bonilla get a good deal?