In 2015, a baseball player signed a contract reported to be worth $69.5 million. The contract was to be paid as $9.7 million in 2015, $10.9 million in 2016, $12.1 million in 2017, $12.2 million in 2018, $12.2 million in 2019, and $12.4 million in 2020.
If the appropriate interest rate is 13 percent, what kind of deal did the player snag? Assume all payments are paid at the end of the year.