Assume that Social Security promises you $32,000 per year starting when you retire 45 years from today (the first $32,000 will get paid 45 years from now). If your discount rate is 8%, compounded annually, and you plan to live for 16 years after retiring (so that you will receive a total of 17 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.)