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In 2021, a basketball player signed a contract reported to be worth $95.6 million. The contract was to be paid as $14.2 million in 2021,
In 2021, a basketball player signed a contract reported to be worth $95.6 million. The contract was to be paid as $14.2 million in 2021, $14.5 million in 2022, $16.6 million in 2023, $16.7 million in 2024, $16.7 million in 2025, and $16.9 million in 2026. If the appropriate interest rate is 8 percent, what kind of deal did the player dunk? Assume all payments are paid at the end of the 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.
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