In 2012, a baseball player signed a contract reported to be worth $89.8 million. The...
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In 2012, a baseball player signed a contract reported to be worth $89.8 million. The contract was to be paid as $13.2 million in 2012, $13.7 million in 2013, $15.6 million in 2014, $15.7 million in 2015, $15.7 million in 2016, and $15.9 million in 2017.
If the appropriate interest rate is 13 percent, what kind of deal did the player snag? Assume all payments are paid at the end of the year.
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