Question: In 2015, a running back signed a contract worth $62.3 million. The contract called for $10 million immediately and a salary of $3.5 million in

In 2015, a running back signed a contract worth $62.3 million. The contract called for $10 million immediately and a salary of $3.5 million in 2015, $9.5 million in 2016, $10 million in 2017, $9.4 million in 2018 and 2019, and $10.5 million in 2020. If the appropriate interest rate is 8 percent, what kind of deal did the running back scamper off with? Assume all payments other than the first $10 million are paid at the end of the contract year.

Present value =?

Note: the answer is not 49.25 or 13.25 or -13.25

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