2. Jenkinson's has offered one of its employees a defined-benefit retirement plan for the next 50 years. They will receive their first payment of $73800 in one year. Their retirement payments will grow 5 percent per year. What is the present value of their retirement if the discount rate is 10 percent per year? (Do not round intermediate calculations. Round your final answer two decimal places.)

3. Jenkinson's has a projected that is forecasted to generate annual sales of $116,100, annual variable costs of $74,200, and annual fixed costs of $14,700. The annual depreciation is $3,750 and the tax rate is 23 percent. What is the annual operating cash flow? (Do not round intermediate calculations. Round your final answer to two decimal places.)