Question: In 2018, a running back signed a contract worth $622 million. The contract called for $11 million immediately and a salary of $3.2 million in
In 2018, a running back signed a contract worth $622 million. The contract called for $11 million immediately and a salary of $3.2 million in 2018, $8.9 million in 2019, $11 million in 2020.$9.1 million in 2021 and 2022, and $9.9 million in 2023 If the appropriate interest rate is 11 percent, what kind of deal did the running back scamper off with? Assume all payments other than the first $11 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.... 1,234,567.89.) Answer is complete but not entirely correct. Present $ 45.84 value
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
