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Assume that Social Security promises you $ 3 2 , 0 0 0 per year starting when you retire 4 5 years from today (

Assume that Social Security promises you $32,000 per year starting when you retire 45 years from today(the first $32,000 will be paid 45 years from now). If your discount rate is 8%, compounded annually, and you plan to live for 14 years after retiring(so that you will receive a total of 15 payments including the first one), what is the value today of Social Security's promise? The value today of Social Security's promise is $ enter your response here.

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