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What would his equivalent annual salary

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In Jan 2009 iker cassilas signed a contracr to play for salsas that guaranteed him a minimum of $9955000. The guaranteed pymts were $875000 in 2009, $650000in 2010, $1m in 2012, $1m in 2013 and $300000 in 2014. Inaddition the contract calls for $5330000 in deferred money payable at the rate of $240k p.a from 2014 to 2030 and then $125k a year from 2013 to 2040.

a) If interest rate is 8% p.a and all payments are made on 1 July each year, what would be the present value of these guaranteed payments be on 1 January 2009.

b) If he were to receive an equal salary at the end of each of the 5 years from 2009 to 2014, what would his equivalent annual salary be!

Reference no: EM13144085

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