5. Imprudential, Inc., has an unfunded pension liability of $415 million that must be paid in 20 years. To assess the value of the firm's stock, financial analysts want to discount this liability back to the present. If the relevant discount rate is 5.2 percent, what is the present value of this liability? 2. Who benefits from the call feature on the bond and under which circumstances? Holding all other features equal, should coupon rate be higher or lower on a callable bond than on a bond without a call feature, and why? (3)