Perry Industries has a defined benefit pension plan that specifies annual, year-end retirement benefits equal to 1.3% x Service years x Final year's salary. Carol was hired by Perry at the beginning of 2016. Clark is expected to retire at the end of 2055 after 40 years of service. Her retirement is expected to span 15 years. At the end of 2025, 10 years after being hired, her salary is $60,000. The company's actuary projects Clark's salary to be $210,000 at retirement. The actuary's discount rate is 6%.

PLEASE look at screenshot. The answers entered in questions 1-3 are correct. Please explain how these are the correct answers. Use accurate Excel Formulas please.