Before the start of the 2000 baseball season, the New York Mets decided that they didn't want
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Before the start of the 2000 baseball season, the New York Mets decided that they didn't want Bobby Bonilla playing for them any longer. But Bonilla had a contract with the Mets for the 2000 season that would have obliged the Mets to pay him $5.9 million. When the Mets released Bonilla, he agreed to take the following payments in lieu of the $5.9 million the Mets would have paid him in the year 2000: He would receive 25 equal payments of $1,193,248.20 each July 1 from 2011 to 2035. If you were Bobby Bonilla, which would you rather have had, the lump-sum $5.9 million in 2000 or the 25 payments beginning in 2011? Explain the basis for your decision.
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