Assume that social security promises you 47000 per year, Ask an Expert

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Assume that Social Security promises you $47,000 per year starting when you retire 45 years from today (the first $47,000 will get paid 45 years from now). If your discount rate is 4%. compounded annually, and you plan to live for 12 years after retiring (so that you will receive a total of 13 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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Financial Management, Finance

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