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23. Your company has started a new pension fund and anticipates it will owe $22 million to retirees in 12 years. The company anticipates it

23. Your company has started a new pension fund and anticipates it will owe $22 million to retirees in 12 years. The company

anticipates it will earn 8% per year on the funds invested in the pension plan. If the company wishes to make equal quarterly

contributions to the fund, how much should the company set aside each quarter to fully fund the pension liability when it becomes due?

PLEASE SHOW ALL CALCULATIONS.

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