Dave the Lying King Inc., a mattress manufacturer, decides to participate in a pension plan commencing on January 1, 2018. The plan requires a pension payment each year following retirement. An actuary provides the following information: On average, employees will retire in 12 years, their expected life following retirement is 8 years, and the required payment made at the end of each year after retirement is $800,000. The interest rate is 6% compounded annually. What is the PV of the pension liability the company should report on its balance sheet?