4.44 When Marilyn Monroe died, ex-husband Joe DiMaggio vowed to place fresh flowers on her grave every Sunday as long as he lived. A bunch of fresh flowers that the former baseball player thought appropriate for the star cost about $5 when she died in 1962.

Based on actuarial tables, “Joltin’ Joe” could expect to live for 30 years after the actress died. Assume that the stated annual interest rate, compounded weekly, is 10.4 percent.

Also, assume that the rate of inflation is 3.9 percent per year, when expressed as a stated annual inflation rate, compounded weekly. Assuming that each year has exactly 52 weeks, what is the present value of this commitment?