What kind of deal did the player snag

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In 2015, a baseball player signed a contract reported to be worth $107.2 million. The contract was to be paid as $16.2 million in 2015, $16.1 million in 2016, $18.6 million in 2017, $18.7 million in 2018, $18.7 million in 2019, and $18.9 million in 2020.

If the appropriate interest rate is 12 percent, what kind of deal did the player snag? Assume all payments are paid at the end of the year. (Enter your answer in dollars, not millions of dollars, e.g., 1,234,567. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Present value $

Reference no: EM131308225

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