In 2011 a running back signed a contract worth 623 million, Ask an Expert

Accounting

In 2011, a running back signed a contract worth $62.3 million. The contract called for $10 million immediately and a salary of $3.5 million in 2011, $9.5 million in 2012, $10 million in 2013, $9.4 million in 2014 and 2015, and $10.5 million in 2016.

Required:

If the appropriate interest rate is 8 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.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91527231

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