Question: Computing Present Value of a Deferred Annuity J. Johnson receives a defined retirement benefit, which commences in 15 years. At that time, Johnson is to

Computing Present Value of a Deferred Annuity

J. Johnson receives a defined retirement benefit, which commences in 15 years. At that time, Johnson is to receive monthly cash payments of $1,500 for 10 years with the first payment scheduled for the end of the initial month of benefit. Assume an interest rate of 6%.

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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