The Copyright Term Extension Act of 1998 is also known as the Sony Bono Act and more satirically as the Mickey Mouse Protection Act. Basically, the law changed the length of time copyright works are protected from a maximum of 50 years to a maximum of 95 years (this is a bit of a simplication, but suffices for this problem).

Assume that a hypothetical work earns $1000 per year royalty payment while protected by copyright, and earns nothing once the work goes into the public domain when copyright protection ends.

Assume the annual rate of interest is 5 percent. Consider the copyright holders perspective from a present value framework.

Your task in this problem is to compute the present value of the maximum 95 year copyright protection. That is, Find the present value of $1000 per year at 5 percent per year for a period of 95 years.