You have decided to retire. Your deferred compensation package at work stipulates the following payments: $8,000 (year 1

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You have decided to retire. Your deferred compensation packageat work stipulates the following payments: $8,000 (year 1), $16,000(year 2), $24,000 (year 3), $32,000 (year 4), $40,000 (year 5),$48,000 (year 6), $56,000 (year 7), $64,000 (year 8), and $72,000(year 9). How much is this package worth in today’s dollars if youcan make 9 percent per year on your money? Show yourcalculations.