According to the Associated Press, in 2015, Max Scherzer became the highest-paid right-handed pitcher in major league history by agreeing to a “$210 million, seven-year contract” with the Washington Nationals that includes a “record $50 million signing bonus.” Reportedly, he will be paid $10 million in 2015, $15 million in 2016–2018, and $35 million in 2019–2021. However, the $105 million (= 3 * $35 million) for the years 2019–2021 will be deferred without interest until 2028. In addition, the $50 million signing bonus will be spread equally over the seven years of the contract. At what interest rate is the present value $210 million? What is the present value of this contract if the interest rate is 3%?
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