Assume that social security promises you $ 41,000 per year starting when you retire 45 years from today (the first $ 41,000 will get paid 45 years from now). if your discount rate is 9 %, compounded annually, and you plan to live for 18 years after retiring (so that you will receive a total of 19 payments including the first one), what is the value today of social security's promise?

PV= $7593.12

Explanation:

Giving the following information:

We have 19 equal payments of $41,000 at a rate of  9 %, compounded annually. We need to find the present value.

First, we need to calculate the final value with the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {41,000*[[1.09^19)-1]}/0.09= $1,886,756.79

Now, we can calculate the present value:

PV= FV/(1+i)^n

PV= 1886756.79/1.09^64= $7593.12

answer; ///i believe the correct answer is (c) laissez-faire;

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