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Assume that Social Security promises you $40000 per year starting when you retire 45 years from today (the first $40000 will be paid 45 years

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Assume that Social Security promises you $40000 per year starting when you retire 45 years from today (the first $40000 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

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