Problem:
In 2011, a running back signed a contract worth $65.8 million. The contract called for $10 million immediately and a salary of $4 million in 2011, $10.5 million in 2012, $10 million in 2013, $9.9 million in 2014 and 2015, and $11.5 million in 2016.
Required:
If the appropriate interest rate is 10 percent, what kind of deal did the running back scamper off with? Assume all payments other than the first $10 million are paid at the end of the year. Please provide all computation and formulas.