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The Atlanta Braves signed an outfielder to a five-year contract. The contract calls for the following cash flows: . . a signing bonus of $2.00
The Atlanta Braves signed an outfielder to a five-year contract. The contract calls for the following cash flows: . . a signing bonus of $2.00 million today, $12.23 million in year 1, $13.21 million in year 2, $14.31 million in year 3, $15.39 million in year 4, and $16.17 million in year 5. . . . If the outfielder has a discount rate of 6.00% per year, what is the value of his contract today (in millions)? (Express answer in millions. $1,000,000 would be 1.00) Submit Answer format: Currency: Round to: 2 decimal places
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