Xavier Is a Baseball Player Negotiating a Contract to Play

question 94

Multiple Choice

Xavier is a baseball player negotiating a contract to play for a team for one year.He is usually paid $10 million a year for playing, but the salary cap for his team means that he will have to be paid $5 million this year and the remainder next year.If the interest rate is 8 percent, how much should that remaining amount be next year?

• A)$5.0 million
• B)$5.1 million
• C)$5.4 million
• D)$6.1 million

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