A famous quarterback just signed a contract for $16.5 million, providing $3.3 million a year for 5 years.
A famous quarterback just signed a contract for $16.5 million, providing
$3.3 million a year for 5 years. A less famous receiver signed a contract for $15.5 million, providing $4 million now and $2.3 million a year for 5 years. The interest rate is 10%.
a. What is the PV of the quarterback’s contract? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)
b. What is the PV of the receiver’s contract? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)
c. Who is better paid?
-Quarterback
-Receiver
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