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? ( NO EXCEL ) 5 - ?On March 2 7 , 2 0 1 4 , ?Miguel Cabrera became one of the richest players

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?(NO EXCEL)5- ?On March 27,2014, ?Miguel Cabrera became one of the richest players in the National Baseball League by agreeing to extend his 8-year contract with the Detroit Tigers for $248 ?million. Cabrera's extension averages $31 ?million per season for eight seasons, making his the biggest contract ever paid to a baseball player. When added to the two years remaining on his current contract for $22 ?million per season, that is a grand total of $292 ?million. The annual payment schedule look like the following table:
\table[[End of Season,Current Contract,Extended Contract,Net Amount],[2013,,,],[2014,$22,000,000,,$22,000,000],[2015,$22,000,000,,$22,000,000],[2016,,$31,000,000,$31,000,000],[2017,,$31,000,000,$31,000,000],[2018,,$31,000,000,$31,000,000],[2019,,$31,000,000,$31,000,000],[2020,,$31,000,000,$31,000,000],[2021,,$31,000,000,000,$31,000,000],[2022,,$31,000,000,$31,000,000],[2023,,$248,000,000,$31,000,000],[Total,,,$292,000,000]]
How much is Cabrera's contract actual?v wortn at the t?me or s?gn?ng? ?Assume that Cabrera's interest rate is 6% ?per year and payments are made at the end of eacn season. Here we assume that the signing was taken place at the end of 2013 ?season or the beginning of 2014 ?season (20pts).
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