On July $1,2000,$ the New York Mets reached an agreement with Bobby Bonilla to defer

the remaining $$5\mathrm{.}9$ million on Bonilla's contract $($with interest$),$ which would have

otherwise been due to be paid immediately. The deferment agreement called tor

salary to be paid in $25$ equal installments,

with the first payment being made on July

$2011.$

The agreement stipulated that the

relevant interest rate applied to this deal

would be $8\%$

Beginning on July $1,2011($and every July $1$ for the following $24$ years$),$ how much was

Bobby Bonilla paid by the Mets? In other

words, what is the value of each annual

salary installment?