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How much would he need to be paid

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Question - Mike Trout, the Angels' superstar outfielder, is looking to sign a contract extension with the team for 10 years. It would start today and Trout wants equal present value payments throughout the contract. With a real yearly interest (depreciation) rate of 5.5%, and if Trout is paid $25 million in Year 1, how much would he need to be paid in the 10th year to give it the same (expected) present value as the first year's salary?

Reference no: EM133161707

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