Ex Question 13, P 4-23 (sim... HW Score: 26.67%, 12 of 45 points O Points: 0 of 2 Save 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 7%, 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? The value today of Social Security's promise is (Round to the nearest cent.)