28) You have come up with a forecast of your future earnings. You believe you will earn:

• $20,000 next year (one-year from now);
• $40,000 two years from now;
• $60,000 three years from now; and,
• $100,000 four years from now and every year there-after for another 29 years (30 such years in total)

Assume your earnings in all of these years are received as one lump-sum payment at the end of every year. Assume your personal discount rate is 8%.

What is the present value of your estimated future income?

* I need to be able to show my work, the steps to understand the question.