Problem $5-41$ Calculating Present Values $[$LO $1]$

In $2021,$ a basketball player signed a contract reported to be worth $$69\mathrm{.}5$ million. The contract was to be paid as $$9\mathrm{.}7$ million

in $2021,$$$10\mathrm{.}9$ million in $2022,$ $$12\mathrm{.}1$ million in $2023,$$$12\mathrm{.}2$ million in $2024,$$$12\mathrm{.}2$ million in $2025,$ and $$12\mathrm{.}4$ million in $2026.$ If

the appropriate interest rate is $13$ percent, what kind of deal did the player dunk? Assume all payments are paid at the end of

the year.

Note: Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to $2$

decimal places, e$.$g$.,1,234,567\mathrm{.}89.$

Present value