What kind of deal did the running back scamper off with

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Reference no: EM13332974

In September 2011, the Tennessee Titans signed running back Chris Johnson to a contract reportedly worth $56 million. Johnson's salary included a $10 million signing bonus to be paid immediately and $3 million in salary for 2011. The remaining salary was $8 million in 2012, $10 million in 2013, $8 million in 2014 and 2015, and $9 million in 2016.

If the appropriate interest rate is 11 percent, what kind of deal did the running back scamper off with? Assume all payments other than the first $10 million are paid at the end of the year.

Reference no: EM13332974

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