Assume that Social Security promises you $48,000 per year starting when you retire 45 years from today (the first

$48,000 will get paid 45 years from now). If your discount rate is 9%, compounded annually, and you plan to live for 12 years after retiring (so that you will receive a total of

13 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.)