Uncle John would like to wait until he is 70 years old to begin receiving Social Security benefits....

27. Uncle John would like to wait until he is 70 years old to begin receiving Social Security benefits. Calculate the present value of his payment assuming his payment is $32,000 per year at 5% interest, until his 90th birthday.
Using the Present Value of an Annuity Table, at 5% annual interest rate for 20 years, the factor is 12.46221.
A) $398,790.72
B) $12,462.21
C) $872,354.70
D) $1,121,598.90