Question: Please show work 19. A pension fund currently makes payouts to beneficiaries of $1,000,012 per year, with those payouts expected to grow with a forecasted

Please show work

Please show work 19. A pension fund currently makes payouts to beneficiaries

19. A pension fund currently makes payouts to beneficiaries of $1,000,012 per year, with those payouts expected to grow with a forecasted inflation rate of 2% per year for 30 years. Compute how much money the pension fund currently needs to have now in order to fully fund that liability and ensure those payouts to pensioners are made) if interest rates are 2.87%

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