Problem:
In 2011, a running back signed a contract worth $62.1 million. The contract called for $12 million immediately and a salary of $2.9 million in 2011, $8.3 million in 2012, $12 million in 2013, $8.8 million in 2014 and 2015, and $9.3 million in 2016.
Required: If the appropriate interest rate is 11 percent, what kind of deal did the running back scamper off with? Assume all payments other than the first $12 million are paid at the end of the year. Show your all work and describe in detail.