Problem 4-23 Assume that Social Security promises you $40,000 per year starting when you retire 45 years from today (the first $40,000 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? Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section. Annual payment $ 40,000 Years until payment 45 Discount rate Number of payments 7% 16 Value in year 44 Value today Requirements 1 In cell D11, by using cell references, calculate the value of Social Security's promise in year 44 (one year before you retire) (1 pt.). Note: The output of the expression or function you typed in this cell is expected as a positive number. 2 In cell D12, by using cell references, calculate the value of Social Security's promise today (1 pt.).