Question: In 2 0 2 1 , a baseball player signed a contract worth $ 6 2 . 2 million. The contract called for $ 1

In 2021, a baseball player signed a contract worth $62.2 million. The contract called for $11 million immediately and a salary of $3.2 million in 2022, $8.9 million in 2023, $11 million in 2024, $9.1 million in 2025 and 2026, and $9.9 million in 2027. If the appropriate interest rate is 11 percent, what kind of deal did the player dig out of the dirt? Assume all payments other than the first $11 million are paid at the end of the contract year.

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