A defined benefit pension plan has expected payouts detailed below. The plan is underfunded by what amount? \begin{tabular}{|l|r|} \hline Expected Payouts per year (first 8 years) & $12,000,000 \\ \hline Expected Payouts per year (next 15 years) & $22,000,000 \\ \hline Estimated Return & 5.75% \\ \hline Current Cash & $187,475,000 \\ \hline \end{tabular} PV of $15mm payouts PV of $20mm payouts Total Payout Commitments (PV) Underfunded