A professional baseball player signed a 5-year contract with the last year’s World Series Champion. The contract says that the player is being paid a total compensation of $5 million in present value...

A professional baseball player signed a 5-year contract with the last year’s World Series Champion. The contract says that the player is being paid a total compensation of $5 million in
present value. The player will receive a signing bonus of $1.5 million now, and the remaining compensation will be divided equally into 5 annual salaries of $1 million each with the first salary paid a year from now. What is the implicit interest rate per year?