Problem
A professional baseball player signs a contract for $165 million to play with a team for 7 years. He and his team agree that the contract will be spread out so that the player is paid beyond the 7 years. The payment plan for the contract is as follows: $16 million each year for years 1 through 7. $3.2 million each year for the next 8 years. $1.3 million each year for the next 4 years. You should assume that the baseball team will pay the player annually at the end of each year and that he will receive the first $16 million at the end of the first year. The player receives money for 19 years. If the interest rate is 4.2% compounded annually, how much does the baseball team need to deposit in year 0 in order to fully fund this contract? Express your answer in millions of dollars.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.