$1.$ John Smith has worked for $213$ Corporation since January $1,2023.213$ has a defined benefit pension plan which bases employee annual retirement benefits related to this on the following formula: $1\mathrm{.}5\%$ x$$ service years$$ x$$ an employee$$s final year salary $$ Note the following: $$ John Smith is expected to work for $35$ years and retire on December $31,2057$ His retirement period is expected to be $25$ years $$ On January $1,2033,$ John Smith$$s salary is $$120,000$ after $10$ years with $213$ Corp $$ The applicable interest rate is $5\%213$s actuary projects Smith$$s final year salary to be $$260,000$ Provide responses to the following: $$ What is $213$s projected benefit obligation with respect to John Smith? Follow the steps outlined in the text, which includes using the pension formula to calculate retirement benefits earned to date, calculating the present value of retirement benefits as of the retirement date, and calculating the present value of retirement benefits as of the current date $($start of $2033).$