Matt, a star basketball player, is looking to join a new NBA team. The Bulls are offering him $24 million for one year. The Heat is offering him $10 million this year and $7.0 million in each of the next two years. The market interest rate is 5 percent. What is the present value of the offer from The Heat in millions (rounded to the nearest one hundred thousand dollars)?
a. $22.5 million
b. $23.0 million
c. $24.0 million
d. $25.2 million
Answers: 2
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Matt, a star basketball player, is looking to join a new NBA team. The Bulls are offering him $24 mi...
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