In 2018, a running back signed a contract worth $58.8 million. The contract called for $10 million immediately and a salary of $3 million in 2018, $8.5 million in 2019, $10 million in 2020, $8.9 million in 2021 and 2022, and $9.5 million in 2023. If the appropriate interest rate is 12 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. (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.) Present value