In 2012, a baseball player signed a contract reported to be worth $84 million. The contract was to be paid as $12.2 million in 2012, $12.9 million in 2013, $14.6 million in 2014, $14.7 million in 2015, $14.7 million in 2016, and $14.9 million in 2017.

Required: If the appropriate interest rate is 11 percent, what kind of deal did the player snag? Assume all payments are paid at the end of the year