Problem $5$ Calculating Present Values $[$LO$2]$

Imprudential, Incorporated, has an unfunded pension liability of $$583$ million that must be paid in $15$ years. To assess the value of the

firm's stock, financial analysts want to discount this liability back to the present. If the relevant discount rate is $7\mathrm{.}6$ percent, what is the

present value of this liability?

Note: Do not round intermediate calculations and enter your answer in dollars, not millions, rounded to $2$ decimal places, e$.$g$.,$

$1,234,567\mathrm{.}89$

Answer is complete but not entirely correct.