Charlie is considering leaving her job and pension at age 65 and has 17 years in the defined benefit pension plan which provides a retirement income based on 2% per year of service and the average best five years of income. Her best average five years earnings were $86,000.

The pension plan assumes life expectancy is age 92 and the rate of return on 1.1%.

What should the commuted value of her pension be if she wanted to transfer the funds into a LIRA?

PLEASE ONLY USE A FINANCIAL CALCULATOR TO SOLVE THIS PROBLEM AND SHOW YOUR WORK