CALCULATOR FULL SCREEN PRINTER VERSION BACK BACK NEXT Exercise 6-14 Concord, Inc. Is a furniture manufacturing company with 50 employees. Recenty, after a long negotiation with the local labor union, the company decided to initiate a pension plan as a part of its compensation plan. The plan will start on January 1, 2017. Each employee covered by the plan is entitied to a pension payment each year after retirement. As required by accounting standards, the controller of the company needs to report the pension obligation (liability). On the basis of a discussion with the supervisor of the Personnel Department and an actuary from an insurance company, the controller develops the following information related to the pension plan. Average length of time to retirement Expected life duration after retirement 14 years 10 years Total pension payment expected each year after retirement for all employees. Payment made at the end of the year. $809,300 per year The interest rate to be used is 11%. On the basis of the information above, determine the present value of the pension obligation (ilability).(Round factor values to 5 declmal places, e.g. 1,25124 and final answer to O decimal places, e.g. 458,581.) The present value of pension obligation (liability) Click if you would like to Show Work for this question: Open Show Work SAVE FOR LATER Question Attempts: Unlimited