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

Assume that Social Security promises you $40,000 per year starting when you retire 45 years from today (the first $40,000 will be paid 45 years from now). If your discount rate is 7%, compounded annually, and you plan to live for 15 years after retiring (so that you will receive a total of 16 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)
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