J. Johnson receives a defined retirement benefit, which commences in 15 years. At that time,...
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J. Johnson receives a defined retirement benefit, which commences in 15 years. At that time, Johnson is to receive monthly cash payments of $900 for 10 years with the first payment scheduled for the end of the initial month of benefit. Assume an interest rate of 9%.
Required
What is the value of the deferred annuity as of today? Assume annual compounding during the deferral period.
Round your answer to the nearest whole number.
Do not use a negative sign with your answer.
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