<PRE><B>Question 1102388</B>
the following spreadsheet printout shows the calculations.
look below for further comments.


&lt;img src = &quot;http://theo.x10hosting.com/2017/112301.jpg&quot; alt=&quot;$$$&quot;&gt;


the total of all payments made was 50 million pounds.
that is shown at the bottom of column I.


the present value of all payments taken to 2017 at 6% per year = 39.547241999 million pounds.
that is shown at the bottom of column J.


the 39.547241999 million pounds given to him in 2017 has the same investment value to him as the payments given to him in each year.


what this means is:


if he took the 39.547241999 million pounds given to him at the beginning of the first season and invested it at 6% per year until the beginning of the season in 2024, he would have the same money as if he took the money given to him at the beginning of each season and invested each one at 6% until the beginning of 2024.


each year shown in the spreadsheet represents the beginning of the season in that year.


for example:


the total pay of 6.625 given to him in 2021 is given at the beginning of the season in 2021.


the present value of total pay of 5.247620519 given to him in 2021 is given at the beginning of the season in 2021.


the sum of the present value of total pay taken to 2017 at 6% per year is taken to the beginning of the season in 2017.


the sum of the future value of total pay and the sum of the future value of present pay taken to 2024 at 6% per year is take to the beginning of the season in 2024.















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