In 2021, a baseball player signed a contract worth $62.1 million. The contract called for $12 million immediately and a salary of $2.9 million in 2022, $8.3 million in 2023, $12 million in 2024, $8.8 million in 2025 and 2026, and $9.3 million in 2027. If the appropriate interest rate is 11 percent, what kind of deal did the player dig out of the dirt? Assume all payments other than the first $12 million are paid at the end of the contract year. Note: Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89. Present value