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The Atlanta Braves signed an outfielder to a five-year contract. The contract calls for the...

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Accounting

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The Atlanta Braves signed an outfielder to a five-year contract. The contract calls for the following cash flows: - a signing bonus of $4.00 million today, - $12.20 million in year 1 , - $13.43 million in year 2 , - $14.14 million in year 3 , - $15.40 million in year 4 , and - $16.34 million in year 5 . If the outfielder has a discount rate of 7.00% per year, what is the value of his contragt today (in millions)? (Express answer in millions. $1,000,000 would be 1.00 ) Answer format: Currency: Round to: 2 decimal places

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