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Problem 5-42 Calculating Present Values (LO 1] In 2018, a running back signed a contract...

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Problem 5-42 Calculating Present Values (LO 1] In 2018, a running back signed a contract worth $72.6 million. The contract called for $12 million immediately and a salary of $4.4 million in 2018. $11.3 million in 2019, $12 million in 2020, $10.3 million in 2021 and 2022, and $12.3 million in 2023. If the appropriate interest rate is 10 percent, what kind of deal did the running back scamper off with? Assume all payments other than the first $12 million are paid at the end of the contract year. (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.) Present value

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