A pension fund manager knows that the following liabilities must be satisfied:

Years from Now Liability (in millions)

1 $2.0 2 3.0 3 5.4 4 5.8 Suppose that the pension fund manager wants to invest a sum of money that will satisfy this liability stream. Assuming that any amount that can be invested today can earn an annual interest rate of 7.6%, how much must be invested today to satisfy this liability stream?