Question: In 2021, a baseball player signed a contract worth $55.3 million. The contract called for $10 million immediately and a salary of $2.5 million in

In 2021, a baseball player signed a contract worth $55.3 million. The contract called for $10 million immediately and a salary of $2.5 million in 2022, $7.5 million in 2023, $10 million in 2024, $8.4 million in 2025 and 2026, and $8.5 million in 2027. If the appropriate interest rate is 7 percent, what kind of deal did the player dig out of the dirt? Assume all payments other than the first $10 million are paid at the end of the contract year. What is the present value

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