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After being seriously injured in an automobile accident, Joseph Andrews took his case to court and...

After being seriously injured in an automobile accident, Joseph Andrews took his case to court and today was awarded an annual payment of $20,000 payable with the first payment due at the end of this year. Mr. Andrews would like to trade his annual award in for a lump sum today so he can invest it himself. Since the insurance company actuarial tables indicate that he has a life expectancy of another 9 years, if he and the company can agree to that life expectancy and to a rate of return of 5%, how much can he expect to receive as a lump sum payment today?

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