The work has not been graded but I like the output that was submitted to me. Is it possible for the same prof to do the next assignment I will be submitting? If possible, I will greatly appreciate it.
Let’s say that social security promises you $48,000 per year (paid annually) starting when you retire 45 years from today (the first $36,000 will come 45 years from now). If your discount rate is 8%, compounded annually, and you plan to live for 20 years after retiring ( so that you will get a total of 20 payments), what is the value today of social security’s promise?
I’m confused about this question, especially the $36,000 part.
I’m using the formula PV= C/(1+r)^n
r= 8%, n=20
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