Assume that Social Security promises you

$50,000

per year starting when you retire 45 years from today (the first

$50,000

will get paid 45 years from now). If your discount rate is

10%,

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?