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sports team in an effort to solve the salary cap problem has offered a player a contract of $ 0.5 million dollars a year for

sports team in an effort to solve the salary cap problem has offered a player a contract of $ 0.5 million dollars a year for the next season with the payments growing at 7 % per year for the next 15 years . The player believes the discount rate for such payments is 11 % . What is the approximate value today of taking this contract ?
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