A local newspaper headline blared, "Bo Smith Signed for $30 Million." A reading of the...
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A local newspaper headline blared, "Bo Smith Signed for $30 Million." A reading of the article revealed that on April 1, 2014, Bo Smith, the former record-breaking running back from Football University, signed a $30 million package with the Dallas Rangers. The terms of the contract were $3 million immediately, $2.4 million per year for the first five years (with the first payment after one year) and $3 million per year for the next five years (with the first payment at year 6). If Bo's interest rate is 8% per year, what would his contract be worth at the time he signs it?
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