In 2021,. a baseball play signed a contract worth $69.2 million. The contract called for $11 million immediately and a salary of $4.2 million in 2022, $10.9 million in 2023. $11 million in 2024 $10.1 million in 2025 and 2026 and $11.9 million in 2027. If the appropriate interest rate is 12 percent, what kind of deal did the play dig out of the dirt? Assume all payments other than the first $11 million are paid at the end of the contract year.

Present Value ___________