In 2007, baseball player Alex Rodriguez signed a contract reported to be worth $275 million. The contract called for $2 million immediately and $27 million in 2008. The remaining $246 million was to be paid as $33 million in 2009, $33 million in 2010, $32 million in 2011, $30 million in 2012, $32 million in 2013, $25 million in 2014, $21 million in 2015, and $20 million in 2016 and 2017. If the appropriate interest rate is 11 percent, what kind of deal did the infielder snag? Assume all payments other than the first $2 million are paid at the end of the year.
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