Calculate the present value, at age $0,$ of future labor income for a new$-$born in the US in $2021.$ Assume that the interest rate is $5\%$ p$.$a$.$ and make no allowance for growth in income. You may assume that the labor income for each coming year is received as a lump sum on the individual's birthday, so the income earned between age $0$ and age $1$ is received as a lump sum on the day the individual is born etc.

Selected answer will be automatically saved. For keyboard navigation, press up$/$down arrow keys to select an answer.

a

$$436,896$

b

$$436,897$

c

$$436,898$

d

$$436,899$