Question: In 2021, a baseball player signed a contract worth $58.8 million. The contract called for $10 million immediately and a salary of $3 million in

In 2021, a baseball player signed a contract worth $58.8 million. The contract called for $10 million immediately and a salary of $3 million in 2022, $8.5 million in 2023, $10 million in 2024, $8.9 million in 2025 and 2026, and $9.5 million in 2027. If the appropriate interest rate is 12 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

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