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Your retirement policy lets you receive in 35 years equal annual payments of $10,000 for 10 years. The relevant interest rate is 6%. What is

Your retirement policy lets you receive in 35 years equal annual payments of $10,000 for 10 years. The relevant interest rate is 6%. What is its PV? (Hint: this is a two step problem; find what the value of the retirement annuity will be 35 years from now and THEN find the present value of that sum in todays dollars.

Future Value in 35 years:

$ 144,982

Present Value Today:

$ 44,982

is this correct? if not, could you answer and explain?

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