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Question

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?

 
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