Assume that social security promises you 41000 per year, Ask an Expert

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Assume that Social Security promises you $41,000 per year starting when you retire 45 years from today (the first $41,000 will get paid 45 years from now). If your discount rate is 9%. compounded annually, and you plan to live for 17 years after retiring (so that you will receive a total of 18 payments inducing 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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