On January 1, 2024, Ravetch Corporation’s projected benefit obligation was $30 million. During 2024, pension benefits paid by the trustee were $4 million. Service cost for 2024 is $12 million. Pension plan assets (at fair value) increased during 2024 by $6 million as expected. At the end of 2024, there were no pension-related other comprehensive income (OCI) accounts. The actuary’s discount rate was 10%.

Required:
Determine the amount of the projected benefit obligation at December 31, 2024.