A first-round draft choice quarterback has been signed to a three-year, $10 million contract. The details provide for an immediate cash bonus of $1 million. The player is to receive $2 million in salary at the end of the first year, $3 million the next, and $4 million at the end of the last year.,• Assuming a 10% discount rate, is this package worth $10 million? How much is it worth?,,,You want to have $1 million to use for retirement in 35 years. You can earn 1% per month.,• How much do you need to deposit on a monthly basis if the first payment is made in one month? What if the first payment is made today?
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