Question in 2015 a running back signed a contract worth 57, Ask an Expert

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Question: In 2015, a running back signed a contract worth $57 million. The contract called for $10.5 million immediately and a salary of $2.6 million in 2015, $7.7 million in 2016, $10.5 million in 2017, $8.5 million in 2018 and 2019, and $8.7 million in 2020. 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 $10.5 million are paid at the end of the contract year.

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Category:- Basic Finance
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