Question

An all-star goaltender is in contract negotiations. The team has offered the following salary structure:
Time Salary
0.................................... $8,500,000
1................................... 3,900,000
2................................... 4,600,000
3................................... 5,300,000
4................................... 5,800,000
5................................... 6,400,000
6................................... 7,300,000
All salaries are to be paid in a lump sum. The player has asked you as his agent to renegotiate the terms. He wants a $10 million signing bonus payable today and a contract value increase of $1,500,000. He also wants an equal salary paid every three months, with the first pay cheque three months from now. If the interest rate is 5 percent compounded daily, what is the amount of his quarterly cheque? Assume 365 days in a year.


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  • CreatedJune 17, 2015
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