Question: Just before his first attempt at bungee jumping, John decides to buy a life insurance policy. His annual income at age 30 is $ 39,000

Just before his first attempt at bungee jumping, John decides to buy a life insurance policy. His annual income at age 30 is$39,000, so he figures he should get enough insurance to provide his wife and new baby with that amount each year for the next 35 years. If the long-term interest rate is6.4%, what is the present value of John's future annual earnings? (Round your answer to the nearest cent.) $

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