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A pension fund manager knows that the following liabilities must be satisfied: Years from Now Liability (in millions) 1 $2.0 2 $3.0 3 $5.4 4

A pension fund manager knows that the following liabilities must be satisfied:

Years from Now	Liability (in millions)
1	$2.0
2	$3.0
3	$5.4
4	$5.8

Suppose that the pension fund manager wants to invest a sum of money that will satisfy this liability stream. Assuming that any amount that can be invested today can earn an annual interest rate of 9%, how much must be invested today to satisfy this liability stream?

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