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4. (10 points) In December of 2000 Alex Rodriguez (A-Rod) became the highest paid baseball player of all time. A-Rod signed a 10-year $252 million free agent contract with the Texas Rangers. The details of his contract are: Year Annual Salary Amount Paid Amount Deferred (millions) (millions) (in millions) (3% interest) 2001 $21 $16 $5 paid in 2011 2002 $21 $17 S4 paid in 2012 2003 $21 $18 $3 paid in 2013 2004 $21 $18 S3 paid in 2014 2005 $25 $21 S4 paid in 2015 2006 $25 $21 $4 paid in 2016 2007 $27 $23 $4 paid in 2017 2008 $27 $24 $3 paid in 2018 2009 $27 $24 $3 paid in 2019 2010 $27 $24 $3 paid in 2020 Did A-Rod actually receive $252 million dollars? Assume an interest rate of 6%. You have to quantitatively support your answer. 5. (10 points) The Supreme Court ruled the federal minimum wage, first proposed in 1933. unconstitutional; however, the Supreme Court later upheld the constitutionality of a minimum wage in 1937. In 1938, the minimum wage was established at $0.25 per hour. In 2015, the federal minimum wage increased to $7.25, where it stands today. In addition, the consumer price index was 14.1 in 1938 and 260.474 in 2020. a.) Adjusted for inflation, what would the minimum wage be worth in 2020? You must support your answer. b.) In 1968, the minimum wage was increased to $1.60. Adjusted for inflation, what would the $1.60 minimum be worth today (hint: the CPI was 34.8 in 1968)? You must support your answer. c.) Has the minimum wage kept up with inflation? Explain