Robinson Industries has a defined benefit pension plan that specifies annual retirement benefits equal to: 1.2% x Service years x Final Year's salary Patty Mills was hired by Robinson at the beginning of 2002. Mills is expected to retire at the end of 2041 after 40 years of service. His retirement is expected to span 15 years. At the end of 2021, 20 years after being hired, his salary is $64,700 The company's actuary projects Mills' salary to be $98,900 at retirement. The actuary's discount rate is 8%. PVA Factors PVA, n-15, 1-8% PVA, n-20, i-8% PVA, n-25, 1-8% 8.55948 9.81815 10.67478 PV Factors PV, n-15, i-8% .31524 PV, n-20, i-8% .21455 PV, n-25.1-8% .14602 Suppose Robinson's pension plan permits a lump-sum payment at retirement in lieu of annuity payments. Determine the lump-sum equivalent as the present value as of the retirement date of annuity payments during the retirement period