Question
Janice, a player in the WNBA is in contract negotiations. The team has offered the following salary structure: Time Salary 0 $ 7,100,000 1 $
Janice, a player in the WNBA is in contract negotiations. The team has offered the following salary structure: Time Salary 0 $ 7,100,000 1 $ 5,700,000 2 $ 6,200,000 3 $ 6,700,000 4 $ 8,100,000 5 $ 8,800,000 6 $ 9,600,000 All salaries are to be paid in lump sums. The player has asked you as her agent to renegotiate the terms. She wants a $10.6 million signing bonus payable today and a contract value increase of $2,600,000. She also wants an equal salary paid every three months, with the first paycheck three months from now. If the interest rate is 6.1 percent compounded daily, what is the amount of her quarterly check? Assume 365 days in a year. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started