You have come up with a forecast of your future earnings. Based on completing your degree from IU you believe you will earn:

• $55,000 next year (one-year from now);
• $65,000 two years from now;
• $80,000 three years from now; and,
• $120,000 four years from now and every year there-after for another 29 years (30 such payments in total)

Assume your earnings in all of these years are received as one lump-sum payment at the end of every year. Assume your personal discount rate is 4.0%.

What is the present value of your estimated future income (you can round all calculations and your final answer to whole dollars)?