Question: I need show work. 7.) Based on the following information calculate the present value of retirement benefits as of the retirement date. FACTS: The company

I need show work.

7.)

Based on the following information calculate the present value of retirement benefits as of the retirement date.

FACTS:

The company has a defined benefit plan

Joe's salary at the end of 2017

$ 88,400

Retirement expected after

45

years of service

Retirement period is expected to be

20

years

Interest Rate

2.0%

Benefits are calculated as a formula as the product of:

Service already provided

15

years

Percentage

2.0%

Final year's salary is projected to be

$ 256,000

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