In 2012, a baseball player signed a contract reported to be worth $57.9 million. The contract was to be paid as $7.7 million in 2012, $9.3 million in 2013, $10.1 million in 2014, $10.2 million in 2015, $10.2 million in 2016, and $10.4 million in 2017.

Required:

If the appropriate interest rate is 9 percent, what kind of deal did the player snag? Assume all payments are paid at the end of the year.