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In 2021, a basketball player signed a contract reported to be worth $89.8 million. The contract was to be paid as $13.2 million in 2021,
In 2021, a basketball player signed a contract reported to be worth $89.8 million. The contract was to be paid as $13.2 million in 2021, $13.7 million in 2022, $15.6 million in 2023, $15.7 million in 2024, $15.7 million in 2025, and $15.9 million in 2026. If the appropriate interest rate is 13 percent, what kind of deal did the player dunk? Assume all payments are paid at the end of the year.
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