What is the value today of social security promise

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Assume that Social Security promises you $49,000 per year starting when you retire 45 years from today (the first $49,000 will get paid 45 years from now). If your discount rate is 6%, compounded annually, and you plan to live for 13 years after retiring (so that you will receive a total of 14 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.)

Reference no: EM131546466

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