Assume that Social security promises you $32,000 per year starting when you retire 45 years ago 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 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?

1- The value today of social security's promise is $____