3 ms·
36 mil was worth a lot more in 1999 than it is now, and even more than it will be in 2035. Time value of money ... and basic math. Bonilla only had $6 mil lef
by jqpabc123 3y ago
36 mil was worth a lot more in 1999 than it is now, and even more than it will be in 2035.
Time value of money ... and basic math.
Bonilla only had $6 mil left on his contract in 1999. He will receive $30 mil by 2035 thanks to the 8% annual rate. That's a pretty exorbitant rate over the past 24 years when inflation only averaged 2-3% a year.
The $6 mil Bonilla was owed back in 1999 is only worth about $12 mil in today's dollars. Fred Flintsone and the Mets lost their asses to Madoff and Bonilla.