Assume that social security promises you 35000 per year, Ask an Expert

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Assume that Social Security promises you $35,000 per year starting when you retire 45 years from today? (the first $35,000 will get paid 45 years from? now). If your discount rate is 8 %, compounded? annually, and you plan to live for 14 years after retiring? (so that you will receive a total of 15 payments including the first? one), what is the value today of Social? Security's promise?

The value today of Social? Security's promise is ?$____ ?(Round to the nearest? cent.)

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