Using the appropriate interest table, compute the present values of the following periodic amounts due at the end of the designated periods. a) 850,000 receivable at the end of each period for 3 periods compounded at 12%. b) 850,000 payments to be made at the end of each period for 16 periods at 9%. c) $50,000 payable at the end of the seventh, eighth, ninth, and tenth Calder, Inc. is a furniture manufacturing company with 50 employees. Recently, after a long negotiation with the local labor union, the company decided to initiate a pension plan as a part of its compensation plan. The plan will start on January 1, 2010. Each Employee covered by the plan is entitled to a pension payment each year after retirement. As required by accounting standards, the controller of the company needs to report the pension obligation (liability). 0n the basis of a discussion with the supervisor of the personnel department and an actuary from an insurance company, the controller develops the following information related to the pension plan. Average length of time to retirement 15 years Expected life duration after retirement 10 years The interest rate to be used is 8%. Instructions: On the basis of the information above, determine the present value of the pension liability. Consider the following independent situations: a. R. Chopra wishes to become a millionaire. His money market flmd has a balance of $148,644 and has a guaranteed interest rate of 10%. How many years must Chopra leave that balance in the nd in order to get his desire $1,000,000? b. Assume that Elvira Lehman desires to accumulate 8] million in 15 years using her money market flmd balance of $23 9,392. At what interest rate must Elvira's investment compound annually