Problem $17-2($Algo$)$ PBO calculations; present value concepts $[$LO$17-3]$

Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to $1\mathrm{.}5\%$ service years $$ final year's salary,

payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of $2010$ and is expected to retire at the

end of $2044$ after $35$ years' service. Her retirement is expected to span $18$ years. Davenport's salary is $$93,000$ at the end of $2024$

and the company's actuary projects her salary to be $$295,000$ at retirement. The actuary's discount rate is $7\%.$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Estimate by the projected benefits approach the amount of Davenport's annual retirement payments earned as of the end of

What is the company's projected benefit obligation at the end of $2024$ with respect to Davenport?

Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar.

If no estimates are changed in the meantime, what will be the company's projected benefit obligation at the end of $2027$

$($three years later$)$ with respect to Davenport?

Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar.

Annual retirement payments

Projected benefit obligation $2024$

Projected benefit obligation $2027$