A basketball player received a contract from the New York Knicks in which he was offered $5 million a year for ten years.
Determine the present value of the contract on the date of the first payment if the interest rate is 3 % per year, compounded continuously.
Round your answer to two decimal places.
Present value = __________ millions of dollars
P = Po*e^(r*t)
e^(r*t) = P/Po
r*t = 0.03*10 = 0.30
e^0.3 = P/5
Solve for P.
Answer in millions.